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Scientex acquires land in Penang to build more affordable homes

April 6, 2021 By Keith Leave a Comment

An informative post on Malaysia.

Scientex Bhd plans to build more affordable homes in Penang, following the overwhelming response for the company’s maiden Penang township in Tasek Gelugor.

Its chief executive officer Lim Peng Jin said the first phase of Scientex Tasek Gelugor, launched in October 2020 has recorded a take-up rate of more than 90 per cent to date.

Lim said the high take-up for Phase 1 of Tasek Gelugor indicates robust demand for affordable homes in Penang.

It also marks a strong beginning for the company’s maiden venture in Penang, he said in a statement.

The packaging manufacturer and property developer is expanding its current landbank in Penang to 523 acres where it is acquiring three parcels of freehold agriculture land measuring a total of 343 acres in North Seberang Perai.

The company’s wholly-owned subsidiaries Scientex Quatari Sdn Bhd and Scientex (Skudai) Sdn Bhd have entered into two separate sales and purchase agreements with Sunrich Conquest Sdn Bhd and Titanium Greenview Sdn Bhd respectively to acquire the land parcels for RM246.7 million.

Lim said the proposed acquisition is subject to the Estate Land Board’s approval and is expected to be completed in the first half of the calendar year 2022.

Scientex plans to launch a mixed development on the lands, he said.

Lim said with the new lands situated within close proximity to the company’s existing township, he is confident that this expansion will work in its favour in capturing healthy demand and establishing the Scientex brand further.

The new land bank is expected to offer potential homeowners with good road connectivity, as it is located just 7km from Sungai Dua Toll and provides easy access to the North-South Expressway as well as Penang Island, he said.

Upon completion of the land acquisition in North Seberang Perai, the company’s total landbank would increase to 6,213 acres and this is expected to keep it busy for the next 10 years.

The total landbank has an estimated total gross development value (GDV) of RM32 billion and it aims to build affordable homes based on its sustainable property development model.

Scientex, which has delivered RM6.3 billion worth of properties since the inception of the property development arm in 1995 is believed to be acquiring more land.

According to the statement, the company is in the process of acquiring 202 acres of land in Pulai, Johor, and 161 acres in Sungai Petani, Kedah.

Scientex also unveiled that its future development is Scientex Sungai Petani located in the northern region.

Its ongoing property projects with a GDV of RM2.3 billion are located in Johor, Melaka, Selangor, Perak, and Penang.

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Filed Under: Blog Tagged With: chief executive officer, Estate Land Board, land bank, Lim Peng Jin, Malaysia, Scientex (Skudai) Sdn Bhd, Scientex Bhd, Scientex Quatari Sdn Bhd, Telegram Channel, Titanium Greenview Sdn Bhd

Scientex Tasek Gelugor officially opened its show unit today

March 21, 2021 By Keith Leave a Comment

A great post about Penang Malaysia.

scientex-tasek-gelugor-show-unit-launch

Scientex Tasek Gelugor, the first landed 2-storey affordable home with freehold title in Penang by Scientex has officially opened its show unit today.

The opening of the show unit was officiated by the Chief Minister of Penang, Y.A.B. Tuan Chow Kon Yeow. Also present, Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo; The Mayor of Seberang Perai City Council (MBSP), Dato ’Sr. Rozali Mohamud; Scientex’s Chief Executive Officer Lim Peng Jin and Scientex’s Chief Operating Officer Datuk Alex Khaw Giet Thye.

Y.A.B. Tuan Chow Kon Yeow said the State Government is proud to state that Scientex Tasek Gelugor is the first affordable housing project in the state to feature 2-storey landed houses with individual ownership status.

“So far, we have only imagined that the RMM is not more than 850 square feet, but this proves that if there are suitable elements, housing projects like this can also be successful by experienced developers.

“In this case, I believe Scientex, which has been involved in the real estate sector since 1995, has enough experience to design houses suitable for buyers to live in,” he said when officiating the Scientex Tasek Gelugor Show Units Opening Ceremony near here just now.

At the event, Kon Yeow also presented offer letters to eligible buyers.

He added that the construction of related projects is also in line with the Penang State Government’s vision to improve the quality of life, providing comfortable and adequate housing to the people in the state.

 

 

Meanwhile, Alex Khaw informed that the Scientex Tasek Gelugor project was built using Industrial Building System (IBS) technology which has further accelerated the construction period.

“We promise that within five years, a total of 2,332 affordable 2-storey terrace units in Penang will be completed in Tasek Gelugor,” he said.

He said Scientex’s current vision was to build and complete about 50,000 affordable units by 2028.

“Until now, Scientex has managed to build more than 22,000 affordable units priced below RM500,000 of which 70 percent are priced below RM300,000,” he explained.

It is understood that the Scientex Tasek Gelugor housing project is built on 179.69 acres of land with an estimated cost of RM500 million.

Construction of the project began on 1 October 2020 with the first phase involving 382 units of terrace houses and is expected to be completed in July 2022 while the entire project is expected to be fully completed by 2025.

 

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The above article was published here.

We hope that you found the above of interest. Similar content can be found on our blog here:
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Please let me have your feedback in the comments section below. Let us know what topics we should write about for you in the future.

Filed Under: Blog Tagged With: Chief Minister, Chief Operating Officer, Housing, Town and Country Planning Committee, Jagdeep Singh Deo, Lim Peng Jin, mayor, Penang State Government, real estate sector, Scientex Tasek Gelugor, Thye

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