KUALA LUMPUR, Aug 30 — Scientex Bhd’s wholly-owned unit Scientex Park (M) Sdn Bhd is set to acquire five plots of freehold land totalling 101.5 hectares in Jenjarom, Selangor from Seriemas Development Sdn Bhd for RM207.6 million.
Scientex said the group plans to launch a mixed development project on the land, with the gross development value (GDV) yet to be determined.
The packaging manufacturer and property developer said Scientex Park entered into a sale and purchase agreement with Seriemas Development, a wholly-owned unit of Permodalan Nasional Bhd (PNB) today.
The proposed land acquisition is subject to approval by the Estate Land Board and the Economic Planning Unit of the Prime Minister’s Department and is targeted to be completed in the second half of 2022, the company said, adding that the purchase would be financed via internally generated funds and bank borrowings.
Scientex chief executive officer Lim Peng Jin said in a statement that the proposed land acquisition is an opportunity for the group to increase its existing landbank in Selangor, especially after the encouraging take-up for its current developments in Kundang Jaya and Rawang, which reiterated the company’s belief in the underlying resilient and robust demand for affordable homes.
He said the strategic location of the proposed land, with easy access via several expressways and its proximity to vibrant towns such as Klang and Banting, is indicative of its potential as a budding new township.
“We aspire to provide affordable homes to a greater number of Malaysian families under the spirit of Keluarga Malaysia,” he said.
Lim said to date, the company had completed about 25,300 affordable homes in Peninsular Malaysia, surpassing the halfway mark en route to its 50,000 affordable homes target by 2028. — Bernama
