PETALING JAYA: Scientex Bhd has proposed to acquire 326.06 acres in Iskandar, Johor for RM218.97mil to expand its existing landbank.

It told the stock exchange that its unit Scientex Quartari Sdn Bhd had signed two sales and purchase agreements (SPA) with Bukit Gambir Co Sdn Bhd and Jayaplus Bakti Sdn Bhd respectively.

Scientex said the proposed acquisition would provide the group adequate landbank to sustain its property development over the medium and longer term.

It expects the land, all at Pulai, to provide a steady and sustainable property development model as it focuses on landed properties and affordably priced home.

The first SPA was with Bukit Gambir for five parcels of freehold agriculture land and 369 sub-divided lots, totalling some 249 acres, and with Jayaplus Bakti for two parcels of freehold agriculture land measuring just under 74 acres for RM216.74mil cash.

The second SPA Scientex Quartari entered into was with Bukit Gambir for another sub-divided freehold agriculture land measuring 3.2 acres for RM2.23mil cash.

The company said the purchase consideration for the 326.06 acres of land represented a discount of about 9.3% to the market value of the land at RM241.45mil.

It intends to raise RM175mil for the acquisition while the remainder would be from its own funds.

Scientex expects the proposed acquisition to be completed by the first quarter of next year.