Scientex Bhd is strengthening its presence in Malaysia’s affordable housing development market through its 202.2-acre land acquisition in Pulai, Johor, for RM185 million.
Scientex CEO Lim Peng Jin said this latest landbanking exercise in Johor would allow the company to deliver more affordable homes to meet the rising demand. The eight plots are situated near Scientex’s townships Taman Pulai Mutiara, which was launched in 2016, and Taman Pulai Mutiara 2, launched in December 2019.
The proposed acquisition is conditional upon the Estate Land Board’s approval, and is expected to be completed in the first half of 2021. This purchase will be financed with internally generated funds and bank borrowings.
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