,Lily affordable 2-storey terrace house at Taman Scientex Tasek Gelugor.
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SHAH ALAM: Scientex Bhd has proposed to acquire 343 acres of freehold agriculture land in North Seberang Perai for RM246.7mil to increase its affordable home offerings in Penang.
Scientex’s wholly-owned subsidiaries Scientex Quatari Sdn Bhd and Scientex (Skudai) Sdn Bhd entered into two separate sales and purchase agreements with Sunrich Conquest Sdn Bhd and Titanium Greenview Sdn Bhd respectively for the proposed acquisitions of three pieces of freehold agricultural lands located in North Seberang Perai, Penang.
In a statement, Scientex said the proposed acquisition followed after receiving overwhelming demand for its maiden Penang township in Tasek Gelugor, of which the first phase was officially launched in October 2020.
Scientex CEO Lim Peng Jin said its hallmark in the property development sector goes beyond building homes with an affordable price tag, but also incorporating quality, speed, and well-supported locations to offer a holistic lifestyle for residents.
“The overwhelming take-up rate of more than 90% for our first phase in Scientex Tasek Gelugor indicates robust demand for affordable homes in Penang, and marks a strong beginning for our maiden venture here.
“With the new lands situated within close proximity to our existing township, we are confident that this expansion works to our favour in capturing healthy demand and establishing our brand further,” he said.
Upon expected completion of the land acquisition, Scientex’s total landbank would increase to 6,213 acres to last for the next 10 years, with an estimated total GDV of RM32bil.