KUALA LUMPUR (Apr 21): Negri Sembilan-based property developer Matrix Concepts Holdings Bhd has proposed to acquire a 5.8-acre (2.3ha) land cum approved residential development project in Puchong, Selangor, for RM95 million.

The purchase from vendor IRDK Ventures Sdn Bhd is the group’s second landbanking in Klang Valley, following its acquisition of a land near to the Putra World Trade Centre in Kuala Lumpur in December 2013.

According to Matrix Concepts, the new land is located beside SetiaWalk, and the group intends to enhance the development project’s residential density with gross development value (GDV) of more than RM500 million.

“The new acquisition in Puchong not only allows us to further tap into Klang Valley’s rapid urbanisation and corresponding population growth, but also gives us an affordable entry point to a highly successful township,” said its chairman Datuk Mohamad Haslah Mohamad Amin in a statement.

Matrix Concepts said 40% of the land acquisition cost will be funded internally, while the remaining will be via bank borrowings. The group expects to complete the transaction by the third quarter of this year (3Q15).

Previously, the approved residential project – comprising 318 units of high-rise condominiums and 28 units of four-storey link villas – had been commenced by the original vendor. It is currently undergoing preliminary earthworks and piling works.

Upon obtaining regulatory approvals, Matrix Concepts said it expects to complete the development within four years.

The stock ended 2 sen higher at RM3.10 today, giving it a market capitalisation of RM1.43 billion.