Property developer Scientex Bhd announced on Friday its acquisition of 708.5 acres (286.72 hectares) of land in Southern Seberang Perai, Penang for RM462.50 million. The acquisition is aimed at expanding its land bank for future mixed-property development.

The newly acquired land is strategically located, being 17km from Batu Kawan Industrial Park, 6km from Plaza Tol Jawi, within a 10km radius of Nibong Tebal Town, and approximately 5.5km from Sungai Jawi Town. It is also near the Bukit Jawi Golf Resort and the Universiti Sains Malaysia Engineering Campus.

Scientex plans to develop this land into a mixed-property development, although the potential gross development value and specific project details are yet to be determined. The acquisition will be financed through internally generated funds and bank borrowings.

This move aligns with Scientex’s goal to build more affordable homes, aiming to complete 50,000 affordable homes nationwide by 2028. “The land is expected to provide a steady and sustainable property development model, as the Scientex group continues to focus on affordably priced landed properties, where demand remains firm and resilient,” the company stated.

The acquisition is anticipated to be completed in the first half of 2025. This follows Scientex’s April announcement that it had handed over 35,062 affordable houses, with about 70% sold below RM300,000 per unit.

Scientex, which began its property division in Johor, has since expanded to Melaka, Negeri Sembilan, Selangor, Perak, Penang, and Kedah, and internationally to Bangkok and Jakarta through joint ventures.

The company reported a net profit increase of 33% to RM141.01 million for the second financial quarter ended January 31, 2024, with revenue rising 12% to RM1.09 billion.