KUALA LUMPUR: Scientex Bhd's wholly-owned subsidiary Scientex Quatari Sdn Bhd has entered into a conditional sale and purchase agreement with Lee Pineapple Company (Pte) Ltd to acquire 14 parcels of freehold land in Johor for RM381.43 million.
The company said the land, which measures about 141.74 hectares, is surrounded by existing developments such as Sri Pulai Perdana 2 and Bandar Pulai Jaya (to the north), and Bandar Baru Kangkar Pulai (to the northwest), and is located adjacent to its existing projects, namely Taman Pulai Mutiara, Taman Pulai Mutiara 2, and Taman Pulai Duta.
In a filing with Bursa Malaysia, the property developer said the proposed acquisition, which will be funded via internally generated funds and bank borrowings, is expected to be completed in the first half of 2025.
It noted that Scientex Quatari has proposed to develop the land into a mixed-property development.
"The proposed acquisition would allow the group to increase and boost the existing landbank. This landbank expansion is in line with our goal to build more affordable homes to meet our objective of 50,000 affordable homes nationwide by 2028," it said.
Scientex pointed out that the proximity between its existing and the proposed development would also enable the group to generate better operational efficiencies.
"The land is expected to provide a steady and sustainable property development model as Scientex group continues to focus on affordably priced landed properties where demand continues to remain firm and resilient," it added.