Matrix Concepts Holdings Berhad says it is acquiring more land in Seremban, Negeri Sembilan as there are good prospects there to expand.
The developer said the property market (in Negeri Sembilan) has performed well, recording consistent stable growth, and expects it to remain healthy with significant market transactions across the board.
"In addition, Seremban, being part of the enlarged corridor of Klang Valley is seen to have good development potentials," it said in a filing with Bursa Malaysia.
Maxtrix Concept's wholly-owned subsidiary MGE Development Sdn Bhd has entered into a sale and purchase agreement with Fortune Accurate Sdn Bhd to acquire four parcels of adjoining freehold vacant agriculture land in Labu.
The company said the current indicative market value of the lands based on a valuation report from a property valuer dated January 26, 2021, is RM16.1 million, or about RM15 per square foot.
It said the proposed acquisition will beef up the current land bank of the company to serve as an extension to the existing Bandar Sri Sendayan.
Matrix Concepts is developing the 5,233-acre Bandar Sri Sendayan township, in a joint venture (JV) with Menteri Besar Inc of Negri Sembilan, the investment arm of the state government
The township has an estimated gross development value (GDV) of RM3 billion and is to be developed over 10 to 15 years.
The company said the proposed land acquisition would enable it to sustain continuous development in the matured township.
It added that MGE had been constantly sourcing for more land in the vicinity to replenish its land bank for continuous sustainable developments.
"The lands are located adjacent to Malaysia Vision Valley, a fast-growth area and close to Bandar Ainsdale Interchanges, and surrounded by upcoming developments, which will further act as a catalyst to activate higher appreciation value to the properties within the vicinity," it said.