MATRIX (5236) - Matrix Eyes Puchong
After
proposing a 1:6 bonus issue with free warrant last week, Matrix
delivers good news again to its shareholders by acquiring a piece of
prime development land in Puchong.
Matrix
has entered into an SPA with IRDK Ventures to acquire 5.76 acres of
leasehold land in Puchong next to Setia Walk for RM95mil (RM380 psf).
IRDK
has earlier launched its project IRDK Residences@Puchong on the site
since Sep 2014 and the construction is currently in progress at
earthwork and piling level.
IRDK
Residences@Puchong comprises 2 blocks of 23-storey condominiums with
318 units, and also 28 units of 4-storey Link Villa (townhouse).
IRDK Residences@Puchong
Matrix
plans to change the development plan a bit and increase its density to
80-90 units/acre from 60 units/acre, giving it at least RM500mil GDV.
IRDK is responsible to obtain such approval from the authority.
As
the land is narrow and located in a clouded area, its initial approval
is just 60 units/acre and developer has to build a multi-storey car park
for the public next to it.
SPA signed by existing buyers with IRDK will be terminated and they are entitled to get replacement from Matrix's development.
The construction site
I
think Matrix will reduce the built-up size of condominium units to make
it more "affordable" for buyers. Previous development offered large
built-up size in order to reduce the density.
So, despite guarded property sector outlook, Matrix should be able to generate commendable sales from this project I guess.
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