“The acquisition supports the company’s mission to construct 50,000 affordable homes across the nation by 2028.“
KUALA LUMPUR, 27th May 2024 – On Friday, property developer Scientex Bhd announced the purchase of 708.5 acres (286.72 hectares) of land in Southern Seberang Perai, Penang, for RM462.50 million. This acquisition is intended to expand its land bank for future mixed-use property development projects.
The newly acquired land is strategically positioned: 17km from Batu Kawan Industrial Park, 6km from Plaza Tol Jawi, within 10km of Nibong Tebal Town, and about 5.5km from Sungai Jawi Town. It is also close to the Bukit Jawi Golf Resort and the Universiti Sains Malaysia Engineering Campus.
Scientex intends to transform the newly acquired land into a mixed-property development. While the potential gross development value and project specifics have not yet been determined, the acquisition will be funded through a combination of internally generated funds and bank borrowings.
This initiative supports Scientex’s objective of constructing 50,000 affordable homes across the nation by 2028. “The land is anticipated to offer a stable and sustainable property development model, as Scientex continues to prioritize affordably priced landed properties, which maintain strong and resilient demand,” the company stated.
The acquisition is expected to be finalized in the first half of 2025. Earlier in April, Scientex announced it had delivered 35,062 affordable homes, with approximately 70% priced below RM300,000 per unit. Originally starting its property division in Johor, Scientex has since expanded to Melaka, Negeri Sembilan, Selangor, Perak, Penang, Kedah, and internationally to Bangkok and Jakarta through joint ventures.
The company reported a net profit increase of 33% to RM141.01 million for the second financial quarter ended January 31, 2024, with revenue rising 12% to RM1.09 billion.
