KUALA LUMPUR: Property developer Matrix Concepts Holdings Bhd expects to rake in property sales worth RM1.2 billion in the financial year ending March 31, 2023 (FY2023), supported by continued strong take-up rate, particularly at its flagship Bandar Sri Sendayan township in Negeri Sembilan.

       The group had already achieved 83.2 per cent of its FY2022 property sales target in the third quarter of FY2022, despite various challenges during the year, including restricted operating conditions and slower-than-expected domestic economic recovery.

       Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said the group is ready to return to a sustainable growth trajectory supported by its overseas projects.

       "We will be expecting earnings contributions from our sold-out second Australian development, M. Greenvale, while our Indonesian venture is going well with the encouraging execution of Menara Syariah, slated for completion at end-FY2023.

       "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 here, today.

       Bandar Sri Sendayan has been riding on the growing trend of Klang Valley folks shifting to Negeri Sembilan, enticed by convenient road connectivity from various parts of the Klang Valley.

       On the international front, Mohamad Haslah said the group's ongoing development M. Greenvale in Melbourne suburbs in Australia is expected to be completed in May 2022, and will provide a lump sum revenue recognition in accordance with local accounting standards.

       The group will be launching its next Melbourne development, called 333 St. Kilda, in the middle of this year. The A$80 million (A$1=RM3.18) 12-storey mixed development will be the group's biggest Australian project to date, riding on St. Kilda’s popularity as Melbourne’s favoured suburb destination, he said.

       He said the group’s first Indonesian joint-venture (JV) project with local counterparts comrpises twin-towered 29-storey Menara Syariah, adding the office and retail podium will allow the group to establish its long-term presence there.

       "The Indonesian JV will be launching more developments in the prime area of Pantai Indah Kapuk 2, an international waterfront township where construction of the RM1 billion Menara Syariah is currently ongoing.”

       Mohamad Haslah said the expected delivery of its international projects in FY2023 is the result of the group’s efforts to diversify its revenue stream prior to the start of the pandemic.

       "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 in FY2023 as part of our growth strategy and to enhance shareholders’ value,” he added. - Bernama