Scientex got a reasonably good land deal, say analysts
The research house is positive on the deal, as it allows Scientex to expand its footprint and build upon its success in affordable housing in the northern part of Selangor.
The research house is positive on the deal, as it allows Scientex to expand its footprint and build upon its success in affordable housing in the northern part of Selangor.
“This partnership aims to create a robust infrastructure that supports its long-term vision for the region’s growth and development while incorporating sustainable elements within an ESG framework.
Highlighting the promising development potential of the land, Scientex said the proposed acquisition presents an opportunity to create greater economic value and increase earnings potential over the medium to long term.
He said among the public infrastructure development projects carried out on such land are the construction of the East Coast Rail Link (ECRL) project and Kuala Lumpur International Airport (KLIA), with replacements made according to the same type of Malay reserve land and not exceeding the cancelled reserve land area.
"To achieve this target, the construction of commercial residences, such as affordable service apartments, will also be taken into account.
The two vacant leasehold plots measure a collective 72,840 sq ft.
According to a bourse filing on Tuesday, Kumpulan Kitacon’s wholly-owned unit Kitacon Sdn Bhd received the letter of award from Worldwide Holdings Bhd.
"Some areas have become intertwined [between Selangor and Kuala Lumpur].
"What's there to be proud of in achieving a city status if the basic needs of the people cannot be properly managed," said the Sultan.
The group said it has entered into a sale and purchase agreement with Puspajaya Realty Sdn Bhd (PRSB) for the proposed land acquisition.