PETALING JAYA: Sarawak Consolidated Industries Bhd
(SCIB) is acquiring four plots of land totaling 7.34 hectares in Bintulu, Sarawak from Wong Kwong Hie Enterprise Sdn Bhd and James Wong Hee Beng for RM18.41mil.
In a filing with Bursa Malaysia, SCIB said the acquisition of the lands, which are primarily for agricultural purposes, is to expand the group’s business operations through collaboration with developers, as well as to jointly develop and construct residential housing projects that use SCIB’s manufactured products.
“The properties will be converted into mixed development that brings sustainable revenue in both engineering, procurement, construction and commissioning and manufacturing segments.
“It is also more economically advantageous for SCIB to purchase agricultural land prior to its conversion to residential status considering that the cost of agricultural land is lower than that of residential land.”
By securing agricultural land at this earlier stage, SCIB said it could capitalise on cost savings.
