KUALA LUMPUR: Matrix Concepts Holdings Bhd has proposed to buy 57 parcels of freehold land in Kulai, Johor, spanning 174.8 hectares for RM169.3 million.
The firm said the acquisition forms part of its strategy to diversify its geographical earnings base, building on the strength of its established developments in Negri Sembilan, the Klang Valley and Kluang in Johor.
Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said the next phase of its journey is focused on enhancing the quality and depth of its growth.
"Over the past two years, we have been laying the foundations for greater geographical diversification and we are now seeing the fruition of this strategy.
"The proposed Kulai acquisition is an important part of this progression, reflecting our focus on entering high-potential markets that can strengthen the sustainability of our earnings over time.
"We believe this approach will allow us to broaden our earnings base, build resilience across cycles and create sustainable long-term value for our shareholders," he said.
The acquisition provides Matrix Concepts with an attractive entry point into the wider Kulai-Sedenak area, adding a sizeable landbank in a region supported by growing industrial activity.
According to the company's feasibility assessment, the proposed mixed development has an estimated gross development value of RM2.1 billion.
It will expand Matrix Concepts' ongoing and future gross development value in Johor to about RM4 billion.
"Johor will play an important role in Matrix Concepts' next phase of growth.
"Since 2006, our ongoing BSI township has generated over RM1.6 billion in cumulative sales for residential and commercial projects," said Haslah.
"Having built the capabilities to participate meaningfully in the state's evolving opportunities, we can now scale our presence with greater confidence.
"The proposed Kulai acquisition is a natural extension of this strategy, reinforcing the quality and resilience of our earnings."
© New Straits Times Press (M) Bhd