Property developer Matrix Concepts Holdings Bhd is purchasing 559.27 hectares from NS Corporation, owner of the master plan for Malaysian Vision Valley 2.0, through its subsidiary N9 Matrix Development Sdn Bhd (MVV2.0).
This was the largest land deal in Malaysia in terms of size in more than five years, according to Matrix Concepts.
The developer stated in a statement today that the land acquisition, worth a total of RM460.0 million, will strengthen its current landbank and further confirm the group's presence in Negri Sembilan to support future expansion.
A township similar to its award-winning Sendayan Developments, which is situated three kilometres away, will be built by Matrix Concepts with a gross development value of RM7.0 billion.
The land will be developed under a joint venture agreement (JVA) signed between MCHB Development (NS) Sdn Bhd, a fully owned subsidiary of Matrix Concepts, and NS Corp.
"The organisation would take the lead in successfully completing the development and obtain the required funds for the land purchase," according to the statement.
NS Corp will assist and promote the development as a state-led, private sector-driven development in keeping with its primary goal to stimulate the development of MVV 2.0 and expedite its socioeconomic effect.
N9 Matrix will serve as the special purpose vehicle under the JVA to carry out the development operations.
Through MCHBD, Matrix Concepts will own 85% of N9 Matrix, with NS Corp owning the remaining 15% of the shares.
The Seremban and Port Dickson districts make up the 153,411 hectares that make up the MVV, an integrated economic zone that supports the growth of Greater Kuala Lumpur.
As the new socio-economic stimulus for Malaysia's southern corridor, MVV is envisioned as a world-class metropolis that is sustainable, inventive, competitive, inclusive, and clean. It aims to attract both domestic and foreign investors while generating employment and business possibilities.
© August 2022, nst.com.my