PETALING JAYA: Matrix Concepts Holdings Bhd will jointly develop mixed development projects with an estimated gross development value of RM1.2 billion in Kluang, Johor with Koperasi Kemajuan Tanah Negeri Johor Bhd.
In a filing with Bursa Malaysia, Matrix Concepts said its wholly owned subsidiary Matrix Concepts (Southern) Sdn Bhd (MCS) has entered into a joint venture agreement (JVA) with the co-operative which owns 407.6 acres of agriculture land in Kluang.
The two parties intend to develop mixed development projects on 309.5 acres of the land. The construction works will be funded by MCS.
Matrix Concepts said the JVA will beef up the existing land bank to serve as an expansion to the existing Bandar Seri Impian, to sustain continuous development in the township.
It noted that the property market in Johor has performed well despite the sluggish economy, and is expected to remain resilient and stable with significant market transactions across the board.
“In addition, Kluang, Johor being part of the enlarged corridor of Johor Bahru next to Singapore is seen to generate spillover effect for development potentials for neighbouring districts,” it said.
Source: The Sun Daily