Despite the soft property market, Scientex Bhd has kept this year’s target similar to that of last year, that is to launch RM1 billion worth of affordable homes, reported The Edge.
The packaging manufacturer and property developer revealed that take-up rate for its affordable housing projects around the Peninsula had been consistently good.
As such, this segment will continue to be the focus of its property arm.
“Every year, we launch about 15 projects, depending on the size. We currently have developments in Johor, Malacca, Perak and our latest at Rawang in the Klang Valley,” said Jesselyn Chang, Executive Director of Corporate Planning at Scientex, following the group’s Extraordinary General Meeting (EGM).
She revealed that the group is also looking at having more projects around the Klang Valley, after the launch of its Rawang project.
With unbilled sales of RM500 million as at Q1 FY2019, the group’s total landbank stands at 3,300 acres.
Separately, Scientex said it has obtained shareholders’ approval to acquire a 42.4 percent controlling stake in Daibochi Bhd.
The RM221.1 million deal will be conducted via a share swap at 5.5 Daibochi shares for one Scientex share.
It added that shareholders also gave their approval for the proposed mandatory general offer to acquire the remaining shares and warrants in Daibochi, not owned by Scientex.
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