Scientex Bhd has expanded its landbank in Iskandar Malaysia with the acquisition of 19.6 hectares (ha) of land in Kulai, Johor, for RM28.5 million.

This latest acquisition brings the group's total undeveloped land to 414.1ha, of which 372ha are located within Iskandar Malaysia.

The packaging manufacturer and property developer plans to launch new property projects with a gross development value (GDV) of RM600 million in Johor and Melaka for the current financial year (FY) ending July 31, 2014.

Scientex is currently undertaking projects with a GDV of RM836 million on its existing land in Pasir Gudang, Kulai, Skudai, Senai and Melaka.

In a statement today, Managing Director Lim Peng Jin said Kulai was now more receptive of innovative property concepts given Iskandar Malaysia's growing proposition that attracted property buyers.

On that note, the group planned to launch affordable landed residential projects on the newly-acquired land, he said, adding the acquisition would be financed by internal funds.

While there were plans to launch development for the newly acquired land soon after the completion of the acquisition, Lim said Scientex had yet to determine the exact development plans and GDV for the planned development.

For FY2013, the company's property development division recorded a revenue of RM310 million, or 25 per cent, of group revenue of RM1.2 billion.

In addition, it contributed RM98.7 million, or 67.6 per cent, to group operating profit of RM146.1 million.

The group's unbilled sales of RM307.8 million as at July 31, 2013 will be recognised over the next two to three years.

The unbilled sales, however, has not taken into account the latest sales of the Senai industrial properties which commenced in July this year.-- Bernama