KUALA LUMPUR, May 7 — Packaging manufacturer and property developer, Scientex Bhd is planning its seventh township on a 388.5-hectare land it has proposed to acquire in Tebrau, Johor Baru for RM518.1 million.

In a statement today, Scientex chief executive officer Lim Peng Jin said the group is keen to continue penetrating its property development footprint in Johor after having developed six townships in Pasir Gudang, Kulai, Skudai, Pulai, Senai, and Kota Tinggi.

Hence, the firm has entered into a sale and purchase agreement with Pelangi Sdn Bhd to acquire eight pieces of freehold land through its wholly-owned subsidiary Scientex Quatari Sdn Bhd.

Scientex is planning to develop a mixed development project on the land, of which its gross development value (GDV) is yet to be determined, it said in a statement.

The proposed land acquisition is subject to approval by the Estate Land Board and the Economic Planning Unit of the Prime Minister’s Department of Malaysia.

The purchase will be financed by internally generated funds and bank borrowings.

Upon completion of the proposed land purchase along with other ongoing land acquisitions, the group’s total landbank across Johor, Melaka, Selangor, Perak, Penang, and Kedah will expand from approximately 2,523 hectares to around 2,913 hectares.

Currently, Scientex’s ongoing property projects are worth RM2.3 billion in total GDV across its developments in Johor, Melaka, Selangor, Perak and Penang. — Bernama