KUALA LUMPUR: Scientex Bhd
said its wholly-owned subsidiary Scientex Quatari Sdn Bhd has proposed to acquire 14 tracts of freehold land in Pulai, Johor Bahru, from Pangkal Budiman Sdn Bhd for about 502.5906 acres for RM580.16mil.
In a filing with Bursa Malaysia, Scientex said it intends to develop the lands into a mixed-property development.
It said the proximity between Scientex Group’s existing developments and the
proposed development of the Lands will enable it to generate better operational efficiencies through greater economies of scale to be achieved during project implementation.
"This landbank expansion is also in line with the goal of Scientex Group to build more affordable homes to meet the Group’s objective of completing 50,000 affordable homes throughout the nation by 2028.
"The Lands are expected to provide a steady and sustainable property development model as Scientex Group continues to focus on affordably priced landed properties where demand continues to remain firm and resilient," it said.
