Matrix Concepts mulls affordable housing venture in Indonesia

PUTRAJAYA (June 5): Matrix Concepts Holdings Bhd is considering tapping into Indonesia’s affordable housing market within three years.

Matrix Concepts managing director and CEO Datuk Lee Tian Hock said the company is now in talks with a property developer based in Jakarta to explore the potential opportunity.

“Indonesia is an up-and-coming country in Asean; we [Malaysians and Indonesians] speak the same language. Their population is eight times more than Malaysia’s and their per capita income is on the rise, plus the Indonesian government is very supportive of foreign investments. These are all the reasons we are looking at expanding to Indonesia,” Lee told EdgeProp.my after a mock cheque handover ceremony of its RM3 million donation to Tabung Harapan Malaysia (THM) at the Finance Ministry today.

Lee said the company is in talks with the local government in Indonesia on land matters and, if all goes well, it hopes to realise the venture within three years.

This is part of Matrix Concepts’s overseas expansion plan. It recently signed a Memorandum of Understanding with PT Bangun Kosambi Sukses and PT Nikko Sekuritas Indonesia, to jointly develop an Islamic financial district in Pantai Indah Kapuk 2, Jakarta.

This is Matrix Concepts’s second overseas project. The public-listed company has launched M Carnegie in Melbourne, Australia, in 2016.

On its RM3 million donation to THM, Lee said it is now in talks with associate partners and contractors to raise another RM2 million to be donated to the fund.

Meanwhile, Finance Minister Lim Guan Eng, who was present for the ceremony, said the ministry will appoint an external auditor to audit the fund.

As at 3pm today, THM has collected RM35.7 million.