KUALA LUMPUR: Property developer, Matrix Concepts is acquiring a 5.8 acre land from IRDK Ventures Sdn Bhd for a residential development project in Puchong, Selangor for RM95mil.
The company said on Tuesday that the project is undergoing preliminary earthworks and pilings, comprising of 318 units of high-rise condominiums as well as 28 units of four-story link villas.
Matrix Concepts chairman Datuk Mohamad Haslah said the proposed development is the group’s second landbanking in Klang Valley, which would give the company an affordable entry point to a successful township.
The company expects the project to have a gross development value (GDV) beyond the current RM500mil which is subjected to regulatory approvals.
“Upon obtaining subsequent approvals for the upwards revision in residential density and GDV, the project will have an estimated development timeline of four years,” it said.
Meanwhile, Matrix Concepts said the company’s source of funds is through 40% internally generated funds and 60% of bank borrowings.
It noted that the acquisition is likely to be completed by the third quarter of this year.
Going forward, Haslah expects long-terms demand for the proposed project to remain intact due to a continued expansion in Puchong which is in line with Selangor’s economic growth.
“We are confident that our planned project would add on positively to the group’s prospects in the coming years,” he concluded.