PETALING JAYA: Scientex Bhd’s wholly-owned subsidiary Scientex Park (M) Sdn Bhd has entered into a sale and purchase agreement with Seriemas Development Sdn Bhd, a wholly-owned subsidiary of Permodalan Nasional Bhd, to acquire five pieces of freehold land totalling 250.8 acres in Jenjarom, Selangor for RM207.6 million.
The packaging manufacturer and property developer plans to launch a mixed development project on the land, with its gross development value (GDV) yet to be determined.
Scientex CEO Lim Peng Jin said the proposed land acquisition has been an opportunity for the group to increase and boost its existing landbank in Selangor, especially after the encouraging take-up of its current developments in Kundang Jaya and Rawang.
“The strategic location of the proposed land, with easy access via several expressway and its proximity to vibrant towns such as Klang and Banting, indicates its potential as a budding new township, and provides us the opportunity to generate greater economic value in the state.
“We aspire to provide affordable homes to a greater number of Malaysian families under the spirit of Keluarga Malaysia. To date, we have completed about 25,300 affordable homes in Peninsular Malaysia, surpassing the halfway mark en route to our 50,000 affordable homes target by 2028,” he said in a statement yesterday.
Located near Klang and Banting towns with direct frontage of the bustling Jalan Klang-Banting Highway, the land are also accessible via the South Klang Valley Expressway from the Teluk Panglima Garang interchange and the upcoming West Coast Expressway connected to the Banting interchange.
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 year 2022. The purchase will be financed by internally generated funds and bank borrowings.
“Scientex’s latest land acquisition would increase its total land bank to 7,450 acres across Johor, Malacca, Negeri Sembilan, Selangor, Perak, Penang and Kedah.
“The proposed exercise is Scientex’s fourth land acquisition in Selangor. This follows overwhelming response from its property launches in Kundang Jaya and Rawang developments. The group’s upcoming project launch in Selangor next year spans 139 acres in Cheras,“ Lim said.
Ever since the inception of the group’s property development segment in 1995, Scientex has delivered RM7.1 billion GDV worth of properties. All the affordable homes completed were priced below RM500,000 each, with more than 70% of the homes priced below RM300,000 per unit.
Currently, Scientex’s ongoing property projects are worth a total GDV of RM2.2 billion across its developments in Johor, Malacca, Selangor, Perak and Penang.