Scientex unit acquires 135.8ha in Johor Baru for RM284.19m

KUALA LUMPUR: Scientex Bhd’s wholly-owned subsidiary, Amber Land Bhd, is acquiring 135.8ha in Johor Baru from DKTMG Land Sdn Bhd for RM284.19 million.

The acquisition will enable Scientex to expand its existing landbank in Johor as it continues to seek out attractively priced and strategically located land in the Iskandar Malaysia region.

“The land will provide the group with an adequate landbank to sustain its property development over the medium and longer term.

“The land is expected to provide a steady and sustainable property development model as the group continues to hone in on focusing on landed properties and affordably priced homes, demand for which has remained firm and resilient,” said the company in a filing to Bursa Malaysia yesterday.

Scientex said it intended to develop the land into a mixed property development.

“However, it is currently too early to ascertain the exact total gross development value, development cost, expected commencement and completion dates of the development and the expected profits to be derived from the development of the land,” it said.

Scientex said the acquisition would allow the group to obtain a better foothold in the property market, particularly in the affordable landed properties segment.

“The proposed acquisition will enable the group to leverage its successful existing business model of providing affordable and quality landed properties to the mass market in the medium to long term,” it said.

Scientex said the acquisition would be funded by internally generated funds and bank borrowings.