By Sharen Kaur - Published in NST Property on April 22, 2022
sharen@nst.com.my
Matrix Concepts Holdings Bhd is ready to return to a sustainable growth trajectory supported by its overseas projects, according to chairman Datuk Mohamad Haslah Mohamad Amin.
Mohamad Haslah said that the company expects earnings contributions from M. Greenvale, its second sold-out Australian development.
He said the company's Indonesian venture is also doing well, with the encouraging execution of Menara Syariah, which is scheduled to be completed next year.
"These (two projects) will supplement the robust and growing demand at our townships enjoyed in recent years and which have allowed us to be cautiously optimistic of another solid year," he told reporters after the company's MetaRaya iftar event yesterday.
The ongoing M. Greenvale development in Melbourne's outskirts is set to be completed in May 2022.
Mohamad Haslah, according to Bernama, said that it will provide a lump sum revenue recognition in accordance with local accounting standards.
Matrix Concepts will launch its next Melbourne project, 333 St. Kilda, in the middle of this year.
The A$80 million (A$1=RM3.18) 12-story mixed development will be the company's largest project in Australia to date.
According to Mohamad Haslah, the development will capitalise on St. Kilda's popularity as a popular Melbourne suburb destination.
Meanwhile, the twin-tower, 29-story Menara Syariah building is the company's first Indonesian joint-venture (JV) project with local partners.
Mohamad Haslah said that the office and retail podium will allow it to establish a long-term presence in the area.
According to Bernama, the Indonesian JV will start more projects in the prime area of Pantai Indah Kapuk 2, an international waterfront township where the RM1 billion Menara Syariah is currently under construction.
Mohamad Haslah said that the company's efforts to diversify its revenue stream prior to the start of the pandemic resulted in the expected delivery of its international projects in the fiscal year 2023 (FY2023).
"We have illustrated our ambition for growth since listing and we believe that despite the many heights the group has achieved over the years, we have not reached our peak. We will be seeking opportunities for strategic collaboration to further strengthen our value proposition as well as secure quality land for developments as part of our growth strategy and to enhance shareholders' value," he added.
Matrix Concepts anticipates RM1.2 billion in property sales in the fiscal year ending March 31, 2023, owing to continued strong take-up rates, particularly at its flagship Bandar Sri Sendayan township in Negeri Sembilan.
Despite a number of challenges during the year, including limited operating conditions and a slower-than-expected domestic economic recovery, the company achieved 83.2 percent of its FY2022 property sales target.
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