- Acquires 5.8-acre land cum approved residential project in Puchong, Selangor for RM95.0 million
- Plans to undertake residential development project of at least RM500.0 million GDV
Seremban, Negeri Sembilan, Malaysia, 21 April 2015 – Leading Negeri Sembilan property developer Matrix Concepts Holdings Berhad(Matrix Concepts; 金群利集团; Bloomberg: MCH:MK; Reuters: MATR.KL) is expanding its footprint in Klang Valley with a proposed acquisition of 5.8-acre (approx. 2.3 hectare) land cum approved residential development project in Puchong, Selangor for a purchase consideration of RM95.0 million.
The land purchase is the Group’s second landbanking in Klang Valley, following its acquisition of a land near to the Putra World Trade Centre in Kuala Lumpur in December 2013.
The new land is situated beside SetiaWalk, a prominent integrated development comprising a shopping mall, offices, and serviced apartments along the Damansara-Puchong Expressway (LDP). A notable hypermarket is also at close proximity.
Following the acquisition, Matrix Concepts intends to enhance the development project’s residential density and gross development value (GDV) beyond the current RM500.0 million, subject to the relevant regulatory approvals.
Dato’ Haji Mohamad Haslah bin Mohamad Amin, Chairman of Matrix Concepts Holdings Berhad said:
“Banking on our experience in developing highly sought after properties in Negeri Sembilan and Johor, Matrix Concepts seeks to extend our product offerings to communities in the Klang Valley.
The new acquisition in Puchong not only allows us to further tap into Klang Valley’s rapid urbanization and corresponding population growth, but also gives us an affordable entry point to a highly successful township.”
The said approved residential project, comprising 318 units of high-rise condominiums and 28 units of four-storey link villas, had been earlier commenced by the original vendor, and is currently undergoing preliminary earthworks and piling works.
Read the full press release here.