Scientex to Build 50,000 Affordable Homes by 2028
Global packaging manufacturer and leading property developer Scientex Berhad unveiled today its target to build and deliver 50,000 affordable homes in Peninsular Malaysia by 2028, double the 17,500 units completed at present.
To date, Scientex has developed affordable homes in four states, namely Johor, Melaka, Selangor and Perak. Reiterating its affordable price tag, 75% of these units were priced below RM300,000 while the remaining units were priced within between RM300,000 to RM500,000.
Scientex has approximately 3,300 acres of landbank across the four states. The further 32,500 homes built in the next ten years would be developed on the same landbank as well as additional lands within Peninsular Malaysia to be acquired in the future.
Mr Lim Peng Jin, Managing Director of Scientex Berhad said, “In a span of more than 20 years, we have developed a keen prowess in building affordable homes, harnessing our expertise in speed, cost-efficiency and quality. These have become the pillars of our track record of delivering homes on time to buyers, sometimes within 15 months from obtaining development approvals.
We ventured beyond building affordable homes in Johor and Melaka to include Selangor and Perak over the past two years. We are confident of replicating our successful business model for the next 32,500 units to be built, and are actively exploring landbank throughout Peninsular Malaysia for this purpose.
With our bold vision to deliver 50,000 affordable homes by the year 2028, Scientex targets to put a roof over more than 300,000 Malaysians, or approximately 1% of the Malaysian population. In doing so, we are actively supporting in the Government's clarion call to make affordable homeownership a reality for all Malaysians.”
Since commencing property development in 1995, Scientex has delivered more than RM4.0 billion worth of properties.
In conjunction with Scientex's 50th anniversary, the Group today launched its coffee table book chronicling the 50-year growth journey to become a RM2.6 billion revenue company. This remarkable ascension is powered by its twin core businesses of being a global packaging manufacturer and a reputable property developer in Johor, Melaka, Perak and Selangor.
The book also revealed Scientex's 10-year vision of achieving RM10.0 billion revenue by 2028.
Commenting on Scientex's ascent, Mr. Lim said: “Our story may have begun 50 years ago, but it's only just taking off. Since our incorporation in 1968, we made steady progress during the first 40 years, but our efforts were fragmented and disconnected, as we had 10 business units with 10 different sets of people.”
“The last 10 years from 2008 to 2018 was the period that Scientex embarked on our exponential growth journey. This phase began with formation of our Executive Committee which drove the company towards a collective vision and aspiration. Since then, we have single-mindedly focused on our highly-scalable and large-market businesses of manufacturing and property development.”
“Today, Scientex has expended its footprint across the world. Not resting on our laurels, we have challenged ourselves to venture from our comfort zones and push our limits to propel the Group to achieve RM10.0 billion revenue by 2028. We will strive to attain this, buoyed by our resilient and united team heading in one direction, and constant adaptations even in times of crisis,” Lim added.