Matrix Concepts charts growth with enlarged 963.9ha development in MVV2.0

Publish date: Wed, 19 Jun 2024, 07:08 PM

SEREMBAN: Matrix Concepts Holdings Bhd, via its subsidiary Megah Sedaya Sdn Bhd, has entered into a new land development agreement with NS Corporation (NS Corp) for a 404.6 hectares prime land in the Malaysian Vision Valley 2.0 (MVV2.0) development corridor.

Its chairman Datuk Mohamad Haslah Mohamad Amin said the latest agreement, which follows the company's previous purchase of 559.2 ha of adjacent land in August 2022, will be a major growth catalyst for the group and underscore its commitment in driving sustainable development with high impact on the regional socio-economic landscape.

"With a combined land measuring approximately  963.9 ha, the new development shall reaffirm the group's footprint in township development and retain its status as a prominent provider of homes for the masses in Negri Sembilan and beyond," he said in a statement here today.

Under terms of the land development agreement, NS Corp gives development rights to Megah Sedaya, a special purpose vehicle (SPV) that will act as the master developer of the new land, for a total consideration of RM435.6 million.

"The addition of the new 1,000-acre land in the MVV2.0 marks a significant milestone that reflects the ambition and strategic vision of our group and our strong financial health has positioned us to undertake this substantial investment confidently, underscoring our capability to seize the right opportunities and readiness to drive forward in this dynamic market environment," he said.

Mohamad Haslah said Matrix also recognises the transformative potential of the proposed High-Speed Rail project, which, if realised, will significantly enhance the appeal and demand for transit-oriented developments in the area.

He added that Matrix Concepts is strategically prepared to meet this demand and well-positioned to leverage this opportunity in securing the group's sustainability beyond the next 12 years.

"Our confidence in this undertaking stems from the flourishing property market in Seremban, underpinned by the high take-up rates of our projects in the Sendayan development, driven by the influx of prospective homebuyers from the Klang Valley," he said.

Mohamad Haslah said at the same event, Matrix Concepts and NS Corp inked a strategic joint venture agreement (SJVA) structured similarly to the previous 559.2 ha land deal.

It is based on an 85:15 equity basis, with Matrix Concepts holding the majority stake.

He said Matrix Concepts plans to transform the new land in Labu, Seremban, into a sustainable township that fosters community building and promotes a positive socio-economic environment.

"With a combined gross development value of RM12.0 billion, the enlarged 963.9-ha development will feature a balanced mix of residential, commercial, industrial, institutional, recreational and retail elements, addressing the growing demand from Klang Valley, driven by increased work-from-home flexibility, Seremban's attractive value proposition and growth potential of the region," he added.

Mohamad Haslah said over a 12-year development period, the new enlarged township will be designed to harmonise with nature, with the first property launch anticipated in three years.

The township will incorporate green corridors, recreational features, and various waterscapes, fostering a thriving community environment.

  - Bernama

Labels: MATRIX

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