(From right to left): Matrix Concepts was represented by Datuk Seri Lee Tian Hock, Founder and Group Executive Deputy Chairman; Ho Kong Soon, Group Managing Director; and Datuk Haji Mohamad Haslah Bin Mohamad Amin, Chairman of MCHB Development (NS) Sdn Bhd. NS Corporation was represented by YB Datuk Dr Mohamad Rafie Ab Malek, Chairman; Norazhar bin Musa, General Manager; Datuk Shahrul Kamal Bin Osman; and Datuk Hj Ahmad Zahir Bin HJ Mokhtar.

KUALA LUMPUR (Aug 24): Matrix Concepts Holdings Bhd is buying 1,382.2 acres of land in Malaysia Vision Valley 2.0 (MVV2.0), Negeri Sembilan from NS Corporation (NS Corp), which is taking over the parcel from Sime Darby Bhd, for RM460 million.

Matrix Concepts, via its indirect subsidiary MCHB Development (NS) Sdn Bhd, will also set up a joint venture company with NS Corp on a 85:15 basis called N9 Matrix Development Sdn Bhd to develop the land, it said in a bourse filing.

In the filing, the developer said it had entered into a sale and purchase agreement (SPA) with NS Corp on Wednesday.

It will pay the purchase consideration through a mix of internally generated funds and bank borrowings.

In a separate statement, Matrix Concepts said it plans to build a township with a gross development value of RM7 billion that is similar to its Sendayan brand of developments.

The land, located in Mukim Labu, Seremban, will feature a “balanced mix of residential, commercial, and retail elements to fulfil the growing demand from Klang Valley, attracted by the value proposition Seremban offers and increased flexibility for work-from-home arrangements.

“The group aims to introduce components of hospitality, education, healthcare and support services attributes at the township, slated to be developed over a 10-year period with the first property launch expected in three years’ time,” it said.

NS Corp on Wednesday also entered into an SPA with Sime Darby’s indirect wholly-owned subsidiary Kumpulan Sime Darby Bhd (KDSB) to purchase the land — part of the 8,796 acres Sime Darby owned in the 379,087-acre MVV2.0 — for RM460 million cash, according to Sime Darby’s bourse filing.

The disposal is expected to be completed in the financial year ending June 30, 2024 (FY24).

“KDSB is expected to record a net gain on disposal of approximately RM57 million FY24. Sime Darby group is expected to record a net gain of disposal of approximately RM412 million (which translates into a gain per share of six sen) in FY24,” it said.

It said proceeds from the sale will be used for the group’s working capital, capital expenditure and repayment of borrowings.

Matrix Concepts closed 5 sen or 2.18% up at RM2.34, valuing the group at RM1.95 billion. Shares in Sime Darby finished four sen or 1.7% lower at RM2.31, giving it a market capitalisation of RM15.73 billion.