Matrix Concepts buys land for mixed developments

KUALA LUMPUR: Matrix Concepts Holdings Bhd, a leading property developer in Negeri Sembilan, will acquire two pieces of land totalling 174ha in Bandar Sri Sendayan, Negeri Sembilan, for RM106.8 million.

The new landbank is slated for mixed developments, with an estimated gross development value (GDV) of RM1.6 billion. It will also enlarge the group’s remaining undeveloped landbank in Bandar Sri Sendayan to 546.33 hectares.

With the increased landbank in the township, its projects in the pipeline now stand at a GDV of RM4.8 billion, which will sustain the group till 2022, said Matrix Concepts.

“We believe that these two pieces of land are timely additions to our Bandar Sri Sendayan township development as our landed residential properties continue to attract buyers from both Negeri Sembilan and the Klang Valley, due to its strategic location within the Greater Klang Valley conurbation.

“We are now putting in development plans worth RM1.6 billion for the new land, encompassing commercial and residential properties to be launched within two or three years,” chairman Datuk Mohamad Haslah Mohamad Amin said in a statement yesterday.

The sale and purchase agreements for the acquisitions were executed separately between the group’s wholly owned subsidiary Matrix Concepts Sdn Bhd and the two vendors —  TJ Integrated Sdn Bhd (78ha costing RM59.3 million) and Koperasi Sendayan Labu Seremban Bhd (96ha costing RM47.5 million). The acquisitions will be funded by internally generated funds and bank borrowings.

“With the new acquisitions, we’ll not only continue rolling out more innovative and high value products, but also deliver a good bottom line to our shareholders for the reason that the total land cost of about RM107 million makes up only about 7% of the planned GDV,” said Haslah.

This article first appeared in The Edge Financial Daily, on July 09, 2013.


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