Scientex buys Kulai land for RM28.5m
KUALA LUMPUR: Scientex Bhd has expanded its landbank in Iskandar Malaysia with the acquisition of 19.6 hectares of land in Kulai, Johor, for RM28.5 million.
This latest acquisition brings the group's total undeveloped land to 414.1ha, of which 372ha are located within Iskandar Malaysia.
The packaging manufacturer and property developer plans to launch new property projects with a gross development value (GDV) of RM600 million in Johor and Malacca for the current financial year ending July 31 2014.
Scientex is currently undertaking projects with a GDV of RM836 million on its existing land in Pasir Gudang, Kulai, Skudai, Senai and Malacca.
Managing director Lim Peng Jin said Kulai was now more receptive of innovative property concepts given Iskandar Malaysia's growing proposition that attracted property buyers.
He said the group plans to launch affordable landed residential projects on the newly-acquired land, adding that the acquisition will be financed by internal funds. Bernama
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