By Farah Adilla
Property developer Matrix Concepts Holdings Bhd (MCHB) is acquiring a 5.8 acre land in Puchong, Selangor, for RM95 million, to develop a residential development project and expanding its footprint in the Klang Valley.
With a strong presence in Negri Sembilan and Johor, the company said the acquisition will mark its second venture into the state, following its land acquisition near Putra World Trade Centre last year.
“Banking on our experience in developing highly sought after properties in Negri Sembilan and Johor, MCHB seeks to extend our product offerings to communities in the Klang Valley.
“The new acquisition in Puchong not only allows us to further tap into Klang Valley’s rapid urbanisation and corresponding population growth, but also gives us an affordable entry point to a highly successful township,” MCHB chairman Datuk Mohamad Haslah Amin said in a statement yesterday.
Further, MCHB also intends to enhance the development project’s residential density and its gross development value (GDV) beyond the current RM500 million, subject to the relevant regulatory approvals.
The approved residential project, comprising 318 units of high-rise condominiums and 28 units of four-storey link villas, had been earlier started by the original vendor, and is currently undergoing preliminary earthworks and piling works.
The acquisition is being undertaken by Matrix Concepts (Central) Sdn Bhd, a wholly owned subsidiary of MCHB, which entered into a sales and purchase agreement with the vendor IRDK Ventures Sdn Bhd yesterday.
The company said the land purchase will be funded via 40% internally-generated funds and 60% of bank borrowings.
The acquisition is targeted for completion by the thirdquarter of 2015.
Upon obtaining the subsequent approvals for the upwards revision in residential density and GDV, the project will have an estimated development timeline of four years, MCHB said.
“Puchong has gained repute as a rapidly growing suburban township in the Klang Valley, strategically located midway between Kuala Lumpur and the Putrajaya administrative capital.
The township’s increasing vibrancy also derives from continued expansion of suburban communities in tandem with Selangor’s economic growth.
“In this regard, we anticipate long-term demand for new residential properties in Puchong to remain intact. We are confident that our planned project will add on positively to the group’s prospects in the coming years,” Mohamad Haslah said.
