KUALA LUMPUR: Property developer Matrix Concepts Holdings Bhd via its subsidiary N9 Matrix Development Sdn Bhd is buying 559.27 hectacres from NS Corporation, owner of the master blueprint of Malaysian Vision Valley 2.0 (MVV2.0).
Matrix Concepts said this was the biggest land deal in Malaysia in terms of size for more than five years.
"The land deal, with a total consideration of RM460.0 million, will positively boost the existing landbank of the developer and further reaffirm the group's foothold in Negri Sembilan to sustain its continued growth," it said in a statement today.
The acquisition will be financed via internally- generated funds and borrowings, and will be subject to shareholders' approval.
Matrix Concepts plans to develop a sustainable and vibrant township with a gross development value of RM7.0 billion, akin to its award-winning Sendayan Developments, located three kilometres away.
Meanwhile, Matrix Concepts' wholly-owned MCHB Development (NS) Sdn Bhd inked a joint venture agreement (JVA) with NS Corp to develop the land.
"The group shall secure the necessary financing for the land purchase and take the lead in the successful delivery of the development," it said.
NS Corp, in line with its primary objective to stimulate the development of MVV 2.0 and accelerate its socio-economic impact, will facilitate and promote the development as a state-led private sector driven development.
Under the JVA, N9 Matrix will be the special purpose vehicle to undertake the development activities.
Matrix Concepts will have an 85 per cent stake in N9 Matrix, via MCHBD, with the remaining 15 per cent equity held by NS Corp.
Spanning across 153,411 hectares covering districts of Seremban and Port Dickson, MVV is an integrated economic region complementing the development of Greater Kuala Lumpur.
MVV is envisioned to be a world-class metropolis that is sustainable, innovative, competitive, inclusive and clean, while being touted as the new socio-economic catalyst for the southern corridor of Malaysia, aimed at bringing in international and local investors, while creating jobs and business opportunities.