PETALING JAYA: Property developer Matrix Concepts Holdings Bhd
is proposing to acquire close to 175,000ha of vacant agricultural land located in Kulai, Johor for RM169.3mil from a group comprising individual and corporate owners, as well as the executors of the estate of deceased owners.
The company said in a stock exchange filing that the proposed acquisition presents a compelling opportunity for it to establish a strategic presence within the wider Kulai-Sedenak growth corridor.
It intends to build a mixed development that a feasibility assessment indicates to have an estimated gross development value of RM2.1bil, which it said would complement the surrounding developments and contribute positively to the overall growth of the locality.
“The proposed development is expected to serve as a catalyst for further appreciation in property values within the surrounding area through the enhancement of 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.”
The land parcels, strategically located between Kulai and the emerging Sedenak Industrial Growth Corridor, connects to the North-South Expressway, Senai International Airport and the wider Johor Baru-Kulai network, with Johor Baru 43km away.
The connectivity to the electric train service to JB Sentral further enhances accessibility across the southern region.
An independent valuation conducted by Henry Butcher Malaysia determined that these parcels have an indicative market value of not less than RM11 per sq ft, with the purchase consideration at approximately RM9 per sq ft, representing the price offered by Matrix Concepts and accepted by all vendors.
“This pricing reflects the nature of the land, which comprises multiple individual parcels rather than a single contiguous title, and accordingly represents a reasonable market-based acquisition price,” it said.
It expects the proposed acquisition to be completed within four months from the date of the fulfilment of the condition precedents attached to the respective sale and purchase agreements (SPAs), among which all the SPAs complete simultaneously.
