KUALA LUMPUR, July 8 (Bernama) -- Matrix Concepts Holdings Bhd, a leading property developer in Negeri Sembilan, will acquire two pieces of land totalling 174 hectares in Bandar Sri Sendayan, Negeri Sembilan for RM106.8 million.
The new landbank is slated for mixed developments, with estimated Gross Development Value (GDV) of RM1.6 billion, and will enlarge the Groupâ€™s remaining undeveloped landbank in Bandar Sri Sendayan to 546.33 hectares.
With the increased landbank in the township, pipeline projects yet to be launched now stand at a GDV of RM4.8 billion, which will sustain the Group till 2022, Matrix Concepts said.
"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 on the new lands, encompassing commercial and residential properties to be launched within two or three years," Chairman Datuk Mohamad Haslah Mohamad Amin said in a statement issued today.
The sales and purchase agreements for the land acquisitions were executed separately between the Groupâ€™s wholly-owned subsidiary Matrix Concepts Sdn Bhd and two different vendors -- 78 hectares from TJ Integrated Sdn Bhd for RM59.3 million, and the other 96 hectares from Koperasi Sendayan Labu Seremban Bhd for RM47.5 million.
The acquisitions will be funded by internally generated funds and bank borrowings.
"With the new lands, we aim not only to continue rolling out more innovative and high value products for discerning property buyers, but also to deliver a good bottom line to our shareholders for the reason that the land cost of about RM107 million makes up only about seven per cent of the planned GDV.
"Going forward, we will continue to identify strategic landbank to strengthen our foothold in the property development sector," said Mohamad Haslah.