Matrix Concepts proposes RM2.1b mixed development in Kulai

Matrix Concepts Holdings Bhd has proposed to acquire 57 parcels of vacant agricultural land in Kulai, Johor, for RM169.31 million in cash. The land, spanning approximately 174.77 hectares in Mukim Senai, is intended for a mixed development project with an estimated gross development value (GDV) of RM2.1 billion.

The acquisition aims to expand the company’s landbank and strengthen its presence in southern Malaysia. The site is strategically located between Kulai town and the Sedenak Industrial Growth Corridor, offering connectivity to the North-South Expressway and Senai International Airport. This move is expected to increase Matrix Concepts’ total GDV in Johor to approximately RM4 billion.

Chairman Datuk Mohamad Haslah Mohamad Amin stated that the expansion reflects a disciplined approach to entering high-potential markets to ensure long-term revenue sustainability. The project is planned for development over a period of five to eight years. The purchase will be financed through internally generated funds and bank borrowings.