Matrix Concepts buys 1,382-acre land in Negeri Sembilan for RM460mil

KUALA LUMPUR: Matrix Concepts Holdings Bhd (MCHB) wholly-owned subsidiary, N9 Matrix Development Sdn Bhd, has entered into a sale and purchase agreement with NS Corporation to acquire a 1,382 acres freehold land in Negeri Sembilan for RM460mil.

In a statement, the developer said the land purchase represented the biggest land deal in Malaysia in terms of size for more than five years.

NS Corporation is the owner of the master blueprint of Malaysian Vision Valley 2.0 (MVV2.0). The land is located in the MVV2.0 development corridor.

MCHB said the land deal will positively boost the existing landbank of the developer and further reaffirm its foothold in Negeri Sembilan to sustain its continued growth.

The acquisition will be financed via internally-generated funds and borrowings and will be subject to shareholders’ approval.

The group is planning to develop a sustainable and vibrant township with a gross development value of RM7bil, akin to its award-winning Sendayan Developments, located 3 kilometers away from the said land.

Its wholly-owned subsidiary, MCHB Development (NS) Sdn Bhd (MCHBD), the group inked a joint venture agreement (JVA) with NS Corporation to collaborate on the development of the said land.

The group shall secure the necessary financing for the land purchase and take the lead in the successful delivery of the development.

Under the JVA, N9 Matrix shall be the special purpose vehicle (SPV), to undertake the development activities of the joint venture.

The group shall have an 85% shareholding in N9 Matrix, via MCHBD, with the remaining 15% equity held by NS Corporation.