By TMR / Graphic By TMR
Scientex Bhd is acquiring two pieces of freehold agriculture land totalled 208.9 acres (84.54ha) in Alor Gajah, Melaka for RM68.2 million.
In a filing to Bursa Malaysia yesterday, the packaging film and products maker’s indirect subsidiary, Scientex Heights Sdn Bhd, has entered into a sale and purchase agreement with Real Golden Development Sdn Bhd for the deal. The plots of land are proposed to be developed into a mixed property development.
The firm added that the proposed acquisition will enable Scientex to expand its existing landbank in Melaka while achieving its goal to build 50,000 affordably priced quality homes throughout Malaysia by 2028.
“The land would provide Scientex adequate landbank to sustain its property development over the medium and longer term. The close proximity between the firm’s existing development in Durian Tunggal and the proposed development will enable Scientex to tap on operational efficiencies and economies of scale to build more affordable homes,” it said.
The acquisition is also expected to be completed in the first half of 2019. — TMR