Matrix Concepts to launch 3,000 units of affordable housing in FY2016

KUALA LUMPUR (July 23): Matrix Concepts Holdings Bhd is planning to launch 3,000 units of affordable housing in FY2016, according to its chairman Datuk Mohamad Haslah Mohamad Amin (pictured) as reported in The Edge Financial Daily today.

This was disclosed during the official opening of its international school, Matrix Global Schools (MGS) yesterday. 

On the sluggish property market, Mohamad Haslah said that Matrix Concepts will remain a blue chip company as the management has taken a proactive approach to tackle the current market conditions.

“For our higher-end products, we launch them in a progressive manner, so if we feel that there is a slowdown, we stop,” he said.

Nevertheless, he said the company’s residential units are comparatively cheaper than those in the Klang Valley, given that most products by Matrix Concepts are based in Seremban.

“Our so-called high-end products are actually equivalent to many medium-range units in the Klang Valley. Currently, 70% of our residential units are still priced in the RM500,000 range or below,” he said.

He is confident that Matrix Concepts will be able to sustain its performance moving forward. The sales target set comprises residential sales of RM600 million and industrial sales of RM100 million.

The group currently has a landbank of about 2,300 acres (930.78ha), of which half are attributable to Bandar Sri Sendayan, its flagship development in Seremban.

Meanwhile, Mohamad Haslah said Matrix Concepts is on track to achieve its RM700 million sales target for the financial year ending Dec 31, 2015 (FY2015),

“We are very much on track in terms of our year-end target, but we cannot disclose the [second-quarter] figures now as we will only have our board meeting in early August before we announce our second-quarter (2Q15) results,” he told the business daily.

For 1Q2015, the property developer’s net profit and revenue more than doubled to RM115.45 million and RM317.61, respectively, from RM38.55 million and RM134.70 million a year ago.