Scientex continues landbank expansion in Melaka
KUALA LUMPUR: Global packaging manufacturer and leading property developer Scientex Bhd (Scientex) is expanding its landbank in Melaka, following overwhelming response for the Group’s existing township.
Scientex, through its whollyowned subsidiary Scientex Heights Sdn Bhd, will acquire two pieces of freehold agricultural lands totalling 209 acres in Mukim Durian Tunggal from Real Golden Development Sdn Bhd for a purchase consideration of RM68.2 million.
Together with the Group’s existing 197 acres land in Scientex Durian Tunggal, the enlarged township would consist of a formidable 406 acres in total. Scientex had recently launched 116 units of affordable landed homes in the township under the Rumah Mampu Milik Melaka (RMM) programme in July 2018.
To date, Scientex has launched 660 units of affordable landed homes in the township since its maiden launch in end-2017.
Scientex managing director Lim Peng Jin said the group witnessed positive uptake for Durian Tunggal township since its first launch in November 2017, with all of the launched units taken up to-date.
“This highlights the vast underlying demand for affordable landed residential homes in Melaka, which we intend to fulfil over the coming years,” he elaborated in a statement yesterday.
“Our larger scale of development enablestheGrouptogainenhanced operational efficiencies through economies of scale, which in turn allows us to continue offering homes at affordable price points.
“We thus believe the new land acquisition is timely, as the enlarged landbank in the area would strongly support our evergrowing development plans and future launches in the state.
“Additionally, this move brings us a step closer to achieving our aim to build 50,000 affordablypriced quality homes throughout the nation by 2028.”
The group plans to launch a mixed development project on the land, where its gross development value (GDV) is yet to be determined.
The purchase is subject to approval by the Estate Land Board, and is expected to be completed in the first half of 2019.
It will be financed by internally generated funds and/or bank borrowings.
Upon completion of the land purchase, the group’s total landbank across Melaka, Johor, Perak and Klang Valley would increase from approximately 3,000 acres to over 3,200 acres, which can last the group for the next 10 to 15 years of development.
To-date, Scientex’s property division has successfully delivered nearly 17,300 affordable homes priced below RM500K nationwide, of which approximately 65 per cent are priced below RM200,000.
The group had since 1995 delivered more than RM3.9 billion worth of properties and has ongoing and future projects worth more than RM10 billion in GDV.