Scientex buys land to expand property development to Penang

Last update: 10/06/2019

KUALA LUMPUR, June 10 (Bernama) -- Scientex Bhd is buying six parcels of freehold land measuring 7.83 million square feet in Penang to expand its land bank for property development activities to the north from the southern part of Peninsular Malaysia. 

Its unit, Scientex (Skudai) Sdn Bhd, inked the agreement to buy the land in North Seberang Perai from Palma Indah Sdn Bhd for RM109.59 million today.

The land bank expansion was in line with the group's vision to build 50,000 affordably-priced quality homes throughout the nation by 2028, Scientex said in a filing with Bursa Malaysia.

The company, which is also a packaging manufacturer, said the proposed acquisition would be funded by internally generated funds, bank borrowings and issuance of sukuk murabahah.

The deal is expected to be completed in the first half of next year.