Kuala Lumpur: Matrix Concepts Holdings Bhd’s (MCHB) subsidiary, N9 Matrix Development Sdn Bhd, has signed a sale and purchase agreement to sell 15.64 hectares of land in Labu, Negeri Sembilan, for RM90.91 million to Kuntum Kemuning Sdn Bhd (KKSB).

According to BERNAMA News Agency, the land, which comprises nine individual plots of vacant agricultural land, is part of the planned industrial development project, MVV Techvalley. KKSB, a private limited company, focuses on property investments.

The agreement requires N9 Matrix to convert the land from agricultural to industrial use, with individual Qualified Titles issued by December 31, 2025. The conversion is necessary for the development of MVV Techvalley, and N9 Matrix will bear the costs and responsibilities associated with obtaining the necessary approvals from authorities.

The transaction is anticipated to be finalized within 12 months from the agreement’s signing date, marking a significant step for MCHB in its strategic plans for industrial development in the region.