Matrix Concepts To Acquire 175 Ha Of Land In Kulai For RM169 Mln

KUALA LUMPUR, Oct 27 (Bernama) -- Matrix Concepts Holdings Bhd's unit, Matrix Concepts (Southern) Sdn Bhd, has signed separate sale and purchase agreements (SPAs) to acquire 57 parcels of land spanning about 174.77 hectares in Kulai, Johor, for RM169.31 million in cash.

The agreements were signed with corporate and individual landowners, as well as the executors of the estates of deceased landowners.

In a filing with Bursa Malaysia today, Matrix Concepts said the proposed acquisition would expand the group's existing land bank, support its long-term growth strategy and provide a sustainable pipeline of future developments.

The group said the sizeable land bank, coupled with the area's expanding industrial ecosystem and ongoing developments, offered strong development prospects.

Its preliminary feasibility assessment indicates that the proposed mixed development could have an estimated gross development value of about RM2.1 billion, it added.

Matrix Concepts said the development would complement surrounding projects and contribute to the area's overall growth.

It is also expected to support property value appreciation in the surrounding area through improved infrastructure, accessibility and supporting amenities.

"In addition, it is anticipated to stimulate economic activities, create business and employment opportunities, and generate positive spillover effects that will further enhance the attractiveness and sustainability of the locality," it said.

-- BERNAMA