Scientex to launch RM500m property project

Posted on | March 29, 2007

By ISABELLE FRANCIS

Scientex Incorporated Bhd plans to launch a commercial-residential property project in Sedenak near Johor Bahru, with a gross development value of between RM450 million and RM500 million in 2008.

Managing director Lim Peng Jin said on March 29 the project would be built on its recently acquired 101.25ha of freehold land.

“At a launch rate of about 300 to 400 units (starting 2008), the project should last about 10 years,” he said at the EGM in Subang, Selangor.

Property accounted for 45% of Scientex’s pre-tax profit of RM12.44 million and 20% of its revenue of RM20.43 million in the financial year ended July 31, 2006.

Lim added Scientex also had 444ha of land in Pasir Gudang and 101ha in Kulai, both in Johor, and the plans included niche property projects. He did not elaborate.

Lim said the company would also increase the exports of its packaging products and automotive parts due to higher overseas demand.

“We are working on a lot of projects in Japan, Australia and the Middle East on new (car) model launches,” he said.

Scientex had invested RM3.55 million to RM7 million on extruders and weaving machines at the Vietnam plant to increase production capacity by 50% to 250 tonnes.

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