Matrix Concepts proposes RM169.3 million land purchase in Kulai
The planned mixed-use development has an estimated gross development value of about RM2.1 billion, according to the company's feasibility assessment.
Matrix Concepts Holdings Bhd is proposing a RM169.3 million purchase of 57 freehold land parcels covering 174.8 hectares in Kulai, Johor, as it seeks to broaden the geographical sources of its earnings.
The developer said its current feasibility assessment puts the estimated gross development value of the proposed mixed-use project at about RM2.1 billion. That would bring the value of its ongoing and future developments in Johor to about RM4 billion.
The company said the purchase would extend its reach into the wider Kulai-Sedenak area. Its geographical diversification strategy builds on existing developments in Negri Sembilan, the Klang Valley and Kluang, Johor.
Chairman Datuk Mohamad Haslah Mohamad Amin said the group had spent the past two years preparing to diversify geographically. He described the Kulai proposal as part of a selective expansion approach intended to make earnings more sustainable.
He also said Johor would be important to the group's next growth phase. Its BSI township has recorded cumulative residential and commercial sales exceeding RM1.6 billion since 2006, he said.
