Wednesday, 9 August 2017

(NST) Scientex enters Klang Valley property mart with RM85.4m land acquisition

KUALA LUMPUR: Global packaging manufacturer and leading property developer Scientex Bhd marks its entry into the Klang Valley property market with the acquisition of a 65.3-acre freehold land in Rawang for RM85.4 million.

Scientex, through its wholly-owned Scientex Park (M) Sdn Bhd, entered into a sale and purchase agreement with Medius Developments Sdn Bhd to buy the land.

“Scientex has created a strong reputation as a leading developer of affordable homes in South Malaysia since 1995, having delivered more than 14,000 homes to date.

“Our venture into the Klang Valley property market represents a new chapter in our corporate history, and grants us an opportunity to bring our highly-efficient property development model here,” managing director Lim Peng Jin said in a statement today.

“We are confident of replicating our successes in delivering affordably-priced yet high-quality homes, especially in a region where home ownership is increasingly a challenge due to high price points,” he added.

The company plans to launch a mixed development project on the land.

The land is situated near to the town centre of Rawang with matured residential neighbourhoods and amenities such as Rawang AEON Shopping Mall, KPJ Rawang Specialist Hospital, Anggun City Commercial Hub, as well as a proposed international school.

Upon completion of the land acquisition, Scientex’s total landbank will increase to 2,700 acres, that will last it for the next 10 to 15 years.