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Friday, May 15, 2009

Scientex maintains focus on affordable housing

KULAI (Johor): Main-board listed Scientex Bhd will continue to focus on the affordable housing segment to expand its property business in Johor.

It will offer a wider range of affordable houses and commercial properties to cater to demand, said Scientex Berhad managing director Lim Peng Jin on May 15.

"Various development plans are in the pipeline and will be executed at the right time. Meanwhile, the housing industry should continue to benefit from the improving domestic economy, low interest rate regime, stable labour market and favourable stock market sentiment," he said in a statement.

The group is launching its double-storey terraced houses called Casuarina Classic in Scientex Kulai on May 17.

Of the 187 units of the Casuarina Classic, 40% had been sold in two weeks of its opening sales date, and 100 units sold within three weeks. The units cost RM89,800 for Bumiputeras and RM92,800 for non-Bumiputeras.

It introduced the 16'x 60' affordable homes earlier at its township development in Pasir Gudang and is now offering the same model of houses in Kulai following the popularity of the homes in Scientex Pasir Gudang.

Covering 1,100 acres, this integrated self-contained township will comprise 12,000 residential and 520 commercial and industrial developments when completed. To date, more than 5,000 residential, 143 commercial and 84 industrial developments have been completed and occupied.

Scientex Kulai is an integrated township being developed in Sedenak, Kulai Jaya over a 250-acre site. Around 4,000 units of residential and commercial properties will be developed on the site in the Secondary Promotion Area of Iskandar Malaysia.

The first phase of Scientex Kulai called the Casuarina was launched in April 2008. Consisting 211 units of double-storey houses, 65% has been sold to date.

Scientex Kulai's upcoming phase, Lavender, will feature a guarded community comprising 94 units of double-storey semi-detached houses which will be launched in June.

"We have consistently delivered our properties to buyers on schedule without compromising on quality," said Lim.

"Looking back at our past projects, we have proven our capability to deliver vacant possession to buyers before completion date whilst maintaining good standards in terms of speed, cost and quality," he added.

Scientex has a market capitalisation of more than RM250 million and about RM600 million in assets. For the year 2008, Scientex’s revenue exceeded RM600 million.

In addition to its property division, Scientex’s manufacturing operations comprise two business units - packaging and polymer. It is the world's largest producer of stretch film, with an annual product capacity exceeding 10 billion metres.

By The EDGE Malaysia

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