Scientex buying land for RM284m

December 15, 2017 | By | Reply More

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KUALA LUMPUR: Scientex Bhd’s wholly owned subsidiary, Amber Land Bhd, is acquiring a 335.57 acre land in Johor Bahru from DKTMG Land Sdn Bhd for RM284.19 million.

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

“The land would provide the Group 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 focus on landed properties and affordably priced homes which demand has remained firm and resilient,” the company said in a filing to Bursa Malaysia yesterday.

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

“However, it is currently too preliminary to ascertain the exact total gross development value, development cost, the 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 will allow the Group to obtain a better foothold in the property market, particularly in the affordable landed properties segment.

“The proposed acquisition would enable the Group to leverage on its existing and successful business model of providing affordable and quality landed properties to such category of affordable property mass market in the medium to long term,” it said.

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

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