KUALA LUMPUR: Scientex Bhd is acquiring 203.6 hectares of land in Pulai, Johor for RM580 million as the affordable housing developer expands its land bank.
The 14 plots, currently owned by the Lau family of Leong Hup International Bhd, will be developed into a mixed development, Scientex said in an exchange filing.
The company said it is too early to determine the development value and other details of the proposed project.
The acquisition is expected to create operational efficiencies because the land is close to Scientex's existing projects in the area.
This allows the group to benefit from greater economies of scale, Scientex said in a bourse filing today.
