SEREMBAN: Matrix Concepts Holdings Bhd is on track to achieve its RM700 million sales target for the financial year ending Dec 31, 2015 (FY15), said the property developer’s chairman Datuk Mohamad Haslah Mohamad Amin.

“We are very much on track in terms of our year-end target, but we cannot disclose the [second-quarter] figures now as we will only have our board meeting in early August before we announce our second-quarter (2QFY15) results,” Mohamad Haslah told The Edge Financial Daily at the official launch of its international school, Matrix Global Schools (MGS), here yesterday.

Matrix Concepts’ sales target comprises residential sales of RM600 million and RM100 million of industrial sales.

For 1QFY15, the property developer’s net profit and revenue more than doubled to RM115.45 million and RM317.61 million, respectively, from RM38.55 million and RM134.70 million a year ago.

On the sluggish property market, Mohamad Haslah commented that Matrix Concepts will remain a blue-chip company, as the management has taken a proactive approach to tackle the current market condition.“For our higher-end products, we launch them in a progressive manner, so if we feel that there is a slowdown, we stop. As for affordable units, we are confident [of selling them], so we can launch more. For example, for FY16, we are planning to launch 3,000 units of affordable housing,” he said.

Nevertheless, Mohamad Haslah said given that most products by Matrix Concepts are based in Seremban, its residential units are comparatively cheaper than those in the Klang Valley.

“Our so-called high-end products are actually equivalent to many medium-range units in the Klang Valley. Currently, 70% of our residential units are still priced in the RM500,000 range or below,” he said.

Therefore, Mohamad Haslah is confident that Matrix Concepts will be able to sustain its performance moving forward.

“Our current land bank is enough for us to work until 2022. Of course, we will still be on the lookout for further land acquisitions, be it within or beyond Negeri Sembilan, but we are very confident in the prospects here,” he said.

Currently, the group has a land bank of about 2,300 acres (930.78ha), of which half are attributable to Bandar Sri Sendayan, its flagship development in Seremban.

Mohamad Haslah said the future infrastructure plans in Negeri Sembilan, such as the Kuala Lumpur-Singapore high speed rail and expressway projects that enhance connectivity, will increase the attractiveness of Matrix Concepts’ township developments here.

On top of that, he said the establishment of MGS, located on a 20-acre land in Bandar Sri Sendayan, could add value to the project and generate recurring income for the group.

“At this juncture, MGS has a total of 426 students, which is in line with our plan to have 1,000 students and break even by the fourth quarter of 2016,” Mohamad Haslah said.

MGS is modelled after a British residential school concept. Matrix Concepts shares closed down two sen or 0.76% at RM2.62 yesterday, with a market capitalisation of RM1.42 billion.

This article first appeared in The Edge Financial Daily, on July 23, 2015.