MATRIX Concepts Holdings Bhd has secured RM512 million financing from Ambank Group for the development of 1.4 acres of prime housing in Malaysia Vision Valley 2.0, located between Selangor and Negri Sembilan.
With a gross development value of RM7 billion, the development is a joint venture between N9 Matrix Development Sdn Bhd, a subsidiary of Matrix Concepts Holdings, and Negri Sembilan-owned company NS Corporation.
Malaysia Vision Valley 2.0 will be developed within the next 10 years and is being primed to be a world-class metropolis that is competitive and inclusive with strong emphasis on clean technology.
Ambank Group chief executive officer Datuk Sulaiman Mohd Tahir said with growing global focus on ESG, it is important for organisations to embark on sustainable projects such as affordable housing, which improves the socioeconomic status of the nation.
“AmBank recognises the need for accessible financing options to empower businesses in their efforts towards sustainable development. This sprawling development is not only an investment in real estate but an investment in a more sustainable and inclusive future,” he said after the signing ceremony of the financing agreement here.
Matrix Concepts Holdings Bhd chairman Datuk Mohamad Haslah Mohamad Amin, meanwhile, said the company was now well-positioned to direct its full attention towards delivering a vibrant, safe and community-driven township with the finalisation of these financing facilities.
“This undertaking will serve as a pivotal growth catalyst for Matrix Concepts, solidifying our standing as a prominent township developer while simultaneously empowering us to advance the socioeconomic landscape of the communities we are dedicated to,” he added.
Matrix Concepts founder and group executive deputy chairman Datuk Seri Lee Tian Hock said the financing secured will be allocated for about 80% of the acquisition cost of the land, which is valued at RM460 million.
He said the remaining funds from the financing will be utilised for infrastructure development costs within the township.
“The group aims to launch the first project within the township development as early as 2025,” added Lee. – The Vibes, November 15, 2023
