KUALA LUMPUR: Matrix Concepts Holdings Bhd via its subsidiary Megah Sedaya Sdn Bhd has inked a land development agreement with NS Corp for 1,000 acres of prime land in the MVV2.0 development corridor.
In a statement, the property developer said NS Corp will grant development rights to Megah Sedaya, a special purpose vehicle that shall act as the master developer of the new land, for a total consideration of RM435.6mil.
Matrix Concepts and NS Corp also signed a strategic joint venture agreement, which gives 85% equity of the project to Matrix and the remaining 15% to NS Corp.
The group said it plans to transform the new land, located in Mukim Labu, Seremban, into a sustainable township that fosters community building and promotes a positive socio-economic environment.
Combined with 1,382 acres of adjacent land that Matrix Concepts purchased in August 2022, the enlarged 2,382-acre development will have a gross development value of RM12bil, featuring a mix of residential, commercial, industrial, institutional, recreational and retail elements.
“Our strong financial health has positioned us to undertake this substantial investment confidently, underscoring our capability to seize the right opportunities and readiness to drive forward in this dynamic market environment.
“We also recognize the transformative potential of the proposed High-Speed Rail project, which, if realized, will significantly enhance the appeal and demand for transit-oriented developments in the area,” said Matrix Concepts chairman Datuk Haji Mohamad Haslah Mohamad Amin.