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- The move is part of the group's target to launch over 10,000 units over the next two years.
PORT KLANG (Dec 17): Plastic manufacturer and property developer Scientex Bhd (KL:SCIENTX) is looking to expand its affordable housing footprint into East Malaysia, particularly Sarawak.
The move is part of the group's target to launch over 10,000 units over the next two years, executive director of corporate planning Jesselyn Chang (pctured) said at a press conference post-annual general meeting.
“If we sell 10,000 units, we will exceed RM3 billion [gross development value (GDV)], based on the average of RM300,000 per unit. So, that's our target,” said Chang.
In 2025, the group launched about 7,200 residential units, that Chang noted held a GDV of RM2.5 billion.
Heading to Sarawak is part of its longer-term strategy to support its target of delivering 50,000 affordable homes by 2028, said Chang. The timing of the expansion was not disclosed.
Overall, Chang said the pace of launches will depend on approvals for newly acquired land parcels, with first-phase developments requiring additional regulatory clearances before launch.
According to executive director of packaging Scott Lim Jian You, Scientex’s revenue contribution is divided at roughly 55% from its plastic packaging manufacturing segment and 45% from its property development.
While the packaging segment contributes a larger share of group revenue, the property business delivers higher margins, Chang said.
Scientex said its affordable housing focus, supported by integrated township developments and well-planned layouts, has continued to underpin demand across the regions in which it operates.
Recent launches in Penang and new land acquisitions are expected to strengthen Scientex’s development pipeline as it broadens its geographic reach, said Chang.
Scientex has also been actively replenishing its landbank. At the start of the year, the group acquired 528.49 acres of land in Paya Rumput, Melaka, for RM333.8 million in cash from Genting Plantations Bhd (KL:GENP), adding to its inventory of sites earmarked for future residential projects.
At the time of writing on Wednesday, Scientex’s shares were up five sen or 1.51% to RM3.37. It’s market capitalisation currently stands at RM5.24 billion.
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