MANAGEMENT DISCUSSION & ANALYSIS The year 2022 saw more than 389,000 property transactions worth RM179.07 billion recorded Another notable development in FY2023 was Bank Negara Malaysia’s revisions on the Overnight Policy Rate (“OPR”). The OPR was revised upwards four times, for a total of 1.00 basis points. In FY2023, the OPR was revised upwards four times, each by 0.25 basis points. As at 31 March 2023, the OPR stood at 2.75% (FY2022: 1.75%). This led to banks increasing their respective base lending rates (“BLR”), resulting in higher loan interest rates and consequently, higher repayments and lending costs. Despite the challenging operating backdrop, the property sector continued to post encouraging growth. The year 2022 saw more than 389,000 property transactions worth RM179.07 billion recorded – an increase of 29.5% and 23.6% in volume and Overnight Policy Rate (OPR) % Global financial crisis COVID-19 pandemic 4.00 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1.00 2.00 3.00 1.50 2.50 3.50 2.70 2.00 3.50 3.00 3.25 1.75 Mar 2023: 2.75 Source: Bank Negara Malaysia (“BNM”) value respectively. Incoming year-on-year supply of properties stood at 54,118 units, 23.4% higher (2021: 43,860 units launched). Sales performance was moderate at 36.0% of launched units. However, Matrix’s properties have continued to see robust sales for FY2023. An encouraging sign was the significant decrease in overhang units with inventory reducing by 24.7% and 19.2% in volume and value respectively year-on-year. Total number of overhang units reduced to 27,746 units (2021: 36,863 units) with corresponding cumulative value of RM18.41 billion (2021: RM22.79 billion). INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 39
RkJQdWJsaXNoZXIy NDgzMzc=