23 April 2015

Matrix Concepts to acquire land and residential development

  23 April 2015

Matrix Concepts Holdings Bhd has proposed to acquire a 5.8-acre land cum approved residential development project in Puchong, Selangor, for MYR95 million ($26.36 million).

The new land is next to the SetiaWalk development, and the group intends to enhance the development project’s residential density with a gross development value of more than MYR500 million ($138.7 million).

The Negeri Sembilan-based property developer purchased the property from IRDK Ventures Sdn Bhd.

This deal will be the group’s second land banking in the Klang Valley, following its acquisition of a parcel near the Putra World Trade Centre in Kuala Lumpur in December 2013, said Matrix Concepts in a statement.

“The new acquisition in Puchong not only allows us to further tap the Klang Valley’s rapid urbanisation and corresponding population growth, but also gives us an affordable entry point to a highly-successful township,” chairman Mohamad Haslah Mohamad Amin said.

As for the approved residential project portion comprising 318 high-rise condominium units and 28 four-storey link villas, the original vendor had commenced the project and is currently in the preliminary earthworks and piling works stage.

Upon obtaining regulatory approvals, Matrix Concepts said it expects to complete the development within four years.


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