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Matrix Concepts delays RM95 mil Puchong land buy pending caveat removal

KUALA LUMPUR (Sept 8): Matrix Concepts Holdings Bhd, which is acquiring a tract of land in Puchong for a residential development for RM95 million, is delaying the land deal to Oct 19 this year, pending the removal of a caveat lodged on the land.

Matrix Concepts announced in April that it was acquiring the 5.8-acre land from IRDK Ventures Sdn Bhd for RM95 million. The deal was initially scheduled to be completed within three months of the announcement.

Today, Matrix Concepts told the stock exchange it has entered into a supplemental agreement with the IRDK Ventures to extend the deal.

Matrix Concepts has requested the vendor to present the receipt for the withdrawal of a private caveat entered into for the land by one of the vendor’s previous purchasers and evidenced by any or the evidence from the Land Office showing that the said caveat has been removed.

Secondly, it also requested the vendor to show documents or agreements made between the vendor and the vendor’s previous purchasers, evidencing the revocation/recession of the sale and purchase agreement (SPA) between the vendor and them, as the case may be, together with evidence of refund or payments (if any).

Notwithstanding the above, the property developer said its unit Matrix Concepts (Central) Sdn Bhd (MCCSB) can still terminate the SPA should the vendor fail to perform the conditions stated in the supplemental agreement within four months.

Meanwhile, the group said the vendor has also executed a Power of Attorney today, and appointed MCCSB to be its lawful attorney for the said land.

In April, Matrix Concepts had announced that the land will be developed into a residential project with an estimated gross development value of RM500 million, subject to regulatory approvals.

According to the filing then, it said the project is undergoing preliminary earthworks and pilings, comprising 318 units of high-rise condominiums and 28 units of four-storey link villas.

On the funding, it said the project will be funded vide a combination of internal generated fund (40%) and bank borrowings (60%).

Shares in Matrix Concepts inched up one sen or 0.44% to close at RM2.30 today, bringing its market capitalisation to RM1.26 billion.

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