KUALA LUMPUR (Aug 16): Matrix Concepts Holdings Bhd expects the total gross development value (GDV) of its ongoing projects for the current financial year ending March 31, 2018 (FY18) to hit a new record, surpassing FY17’s RM1.9 billion, on resilient demand for its new property launches.

The group saw strong demand for its property launches over the past six months and is on track to meet its target of RM1.4 billion worth of new launches in FY18, Matrix said in a statement.

The property developer’s new launches in FY18 are mainly made up of residential homes in Bandar Sri Sendayan, Negeri Sembilan, and Bandar Seri Impian in Kluang, Johor.

Group chairman Datuk Mohamad Haslah Mohamad Amin said along with the growing scale of its property development activities, it is constantly investing in strategic properties that enhance vibrancy of its townships.

“Such foresight has contributed to an average take-up rate of above 70% for our launches, underlining the vast appeal of our township.

“Complemented with positive buyer feedback, we are confident of achieving our new launch target of RM1.4 billion in FY18,” Mohamad Haslah said, after the group’s annual general meeting today.

Matrix also recently acquired 132 acres of land in Mukim Jimah, Port Dickson, next to its Bandar Sri Sendayan township, for RM57 million.

The purchase is expected to be completed in November 2017, and would increase Matrix’ land bank to 1,550 acres, which will last until 2027.

At the meeting, Matrix’ shareholders approved the 1-for-4 bonus issue that is expected to be completed at the end of 2017.

The exercise would see the issuance of up to 163.9 million new shares and up to 13 million additional warrants to existing warrant holders.

To date, total returns based on share price and dividend payments, exceed 160% since its public offer.

Mohamad Haslah said the bonus issue is the group’s third corporate exercise, in line with its growing business

“The best is yet to come, as we aim to scale greater heights in achievements,” he added. — theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.

SHARE
RELATED POSTS
  1. Johor to grant 30% rebate on property tax reassessment for 10 local authorities next year
  2. Rafizi: Review of Johor-Singapore Special Economic Zone draft agreement in final stage, to be finalised by next month
  3. Haily clinches RM115m contract for Johor residential project, largest in 2024