Scientex purchases its first land in Klang Valley

SHAH ALAM (Aug 9): Global packaging manufacturer and property developer Scientex Bhd has purchased a 65.3-acre of freehold land in Rawang, Selangor for a mixed development project.

This is Johor-based Scientex’s first land purchase in the Klang Valley. The land purchase of RM85.4 million was made through its wholly-owned subsidiary Scientex Park (M) Sdn Bhd, who has entered into a sale and purchase agreement with Medius Developments Sdn Bhd.

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

“With this, our geographical footprint for the property segment extends from the south, central and north peninsula. We intend to grow alongside the nation’s increasing population,” said Scientex Bhd managing director Lim Peng Jin in a statement today.

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

The land is also accessible from major highways such as the North-South Expressway, New Klang Valley Expressway, Guthrie Corridor Expressway and LATAR Expressway.

According to the statement, the purchase is subject to approval by the Economic Planning Unit of Malaysia, and is expected to complete in the first half of 2018.

Currently, Scientex has ongoing property developments worth RM1.5 billion in total gross development value (GDV) consisting of six townships in Johor (Pasir Gudang, Kulai, Skudai, Senai and Pulai) and Melaka, as well as a mixed development in Ipoh.

Since 1995, the group has delivered more than RM3 billion worth of properties and has projects in the pipeline worth approximately RM9 billion in GDV to be launched over the next 10 years.