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Matrix Concepts buys 68.24ha land in Negeri Sembilan for RM73.45m

KUALA LUMPUR (Nov 22): Matrix Concepts Holdings Bhd is acquiring 86 parcels of land in Negeri Sembilan measuring some 68.24ha for RM73.45 million to beef up its existing land bank.

In a filing to Bursa Malaysia today, the developer said its unit Matrix Concepts (NS) Sdn Bhd had entered into separate sale and purchase agreements with individual land owners or their administrators for the acquisition.

It said the land comprises individual parcels of vacant agriculture land adjacent or adjoining each other, adding that the current market value of the land is about RM10 per sq ft.

On the rationale for the acquisition, Matrix Concepts said it is to beef up the company's existing land bank to serve as an extension to the existing Bandar Sri Sendayan to sustain continuous development in this matured township.

"The land, which is surrounded by upcoming developments, will further act as a catalyst to activate higher appreciation value to the properties within the vicinity to enhance the existing infrastructure serving the land," it said.

It said the acquisition will be funded via internally generated funds.

At the midday break, Matrix Concepts shares gained 1.04% or 2 sen to RM1.94 for a market capitalisation of RM1.59 billion.

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