MATRIX CONCEPTS TO ACQUIRE LAND PARCELS FOR RM73.45 MLN

NURUNNASIHAH AHMAD RASHID

KUALA LUMPUR, Nov 22 (Bernama) -- Property developer Matrix Concepts Holdings Bhd’s wholly-owned subsidiary, Matrix Concepts (NS) Sdn Bhd, is acquiring 86 parcels of agriculture land held under separate land titles in Negeri Sembilan for a total of RM73.45 million.

In a filing with Bursa Malaysia today, Matrix Concepts said the company had inked sale and purchase agreements (SPAs) with individual landowners or their administrators for the proposed land acquisitions, totalling approximately 68.24 hectares.

It said the current estimated market value of the land is approximately RM10 per square feet.

“The proposed acquisitions would beef up the company’s existing land bank and serve as an extension to the existing Bandar Sri Sendayan to sustain continuous development in this matured township.

“The land will act as a catalyst to activate higher appreciation value to the properties within the vicinity to enhance the existing infrastructure,” it said.

Matrix Concepts said barring unforeseen circumstances, the sales are expected to be completed in about four months from the date of the fulfilment of the conditions of the respective SPAs.

It said the proposed acquisition is not expected to have any material effect on the earnings of Matrix Concepts and the group for the financial year ending March 31, 2020, but is expected to contribute positively to future earnings.

-- BERNAMA