Matrix Concepts Holdings Bhd has moved to sell two parcels of vacant land in the MVV Techvalley development to Bidara Pesona Sdn Bhd for a combined RM24.6mil, in a deal classified as a related-party transaction.

Its 85%-owned subsidiary, N9 Matrix Development Sdn Bhd, signed separate sale and purchase agreements on Dec 9 for Lot H30 and Lot H29 in the Mukim of Labu, Seremban, measuring 3.92 acres and 4.39 acres respectively.

The land, currently designated for agriculture, forms part of N9 Matrix’s ongoing industrial development project.

Under the agreements, 5% of the purchase price was paid upon signing, with another 5% due within six months.

The remaining 90% will be settled progressively based on construction milestones.

The transaction is conditional on N9 Matrix securing the conversion of the land to industrial status and obtaining individual titles by Dec 31, 2025.