KUALA LUMPUR: Property developer Matrix Concepts Holdings Bhd has secured a RM512 million financing facility from AMMB Holdings Bhd
(AmBank Group) to develop a township in Malaysia Vision Valley 2.0 (MVV2.0).
The 559.35-hectare (1,382.2-acre) project is located between Selangor and Negeri Sembilan and has a gross development value of RM7.0 billion.
Matrix Concept founder and group executive deputy chairman Datuk Seri Lee Tian Hock said in a press conference that 80 per cent of the funding will be used for land purchase.
"The township project is expected to start next year and will run for the next 10 years. It is expected to contribute between 60 and 70 per cent to the group income starting 2028,” he said at a press conference after exchanging documents for the RM512 million financing facilities today.
AmBank Group managing director (business banking) Christopher Yap said in a statement that the bank will continue to support clients investing in community-transforming projects.
Matrix Concepts is buying the land from NS Corporation, owner of the master blueprint of MVV2.0, via its subsidiary N9 Matrix Development Sdn Bhd.
Its wholly owned subsidiary MCHB Development (NS) Sdn Bhd inked a joint venture agreement (JVA) with NS Corp to develop the land.
Under the JVA, N9 Matrix will be the special purpose vehicle to undertake development activities.
Matrix Concepts will have an 85 per cent stake in N9 Matrix, via MCHBD, with the remaining 15 per cent equity held by NS Corporation.
MVV 2.0 is envisioned to be a world-class metropolis and is touted as the new socio-economic catalyst for Malaysia’s southern corridor. It aims to attract local and international investors. - Bernama
