MANAGEMENT DISCUSSION & ANALYSIS which was launched in May 2022 with an estimated GDV of AUD76.9 million. The eight-storey mixed development is the Group’s largest development in Australia to date and is located within walking distance of iconic landmarks. Working with joint venture partners or on its own, Matrix shall continue to explore potentials in other cities. In Indonesia, Matrix continues to closely follow the progress of the Menara Syariah project, which is targeted to be completed in FY2024. The project will also cement the Group’s name in the archipelago, particularly in the city of Jakarta. This can pave the way for future opportunities. Amidst a robust property market, increasing demand for properties and an appropriately attuned launch portfolio, coupled with RM1.44 billion in unbilled sales, Matrix is cautiously optimistic of maintaining healthy performance in FY2024. Following up on the success of The Chambers, its first high-rise development in Klang Valley, the Group plans to launch Levia Residences, a 35-storey condominium strategically located in Cheras, Kuala Lumpur with a GDV of RM532.6 million. In Australia, Matrix will continue to ramp up sales of its M333 St. Kilda project, while exploring other locations and opportunities; in and around Melbourne as well as at other cities. St. Kilda is Matrix’s third Australian project after the highly successful M. Carnegie and M. Greenvale. Matrix is developing a recognisable brand name in the Melbourne property sector, which is expected to continue translating into strong take-up rates for its products. Internationally, following on from the success of the Group’s fully-sold and recently completed second residential development in Australia – M. Greenvale in Melbourne, the Group is currently focused on the development of M333 St. Kilda, Matrix also intends to drive the growth of its healthcare division. Plans include offering more community medical services by expanding its medical offerings and increasing the capacity of the hospital. In FY2024, Mawar shall proceed with the next phase of its restructuring programme; embarked since the involvement of the Group in 2019, with the expansion of its inpatient capacity to 78 beds from the current 57 beds, as well as the recruitment of an additional 4 resident consultants. Mawar also aims to become a communitydriven health screening centre and “excellence” centre for Cardiology, Nephrology, Trauma, Urology & Colorectal medical care. Other plans include tapping the recovering medical tourism niche sector going forward, especially inbound patients from Indonesia, Singapore and China. In tandem with market sentiments, d’Tempat Club and d’Sora Hotel will continue with their respective business plans to increase revenues. This include customer retention strategies, plans to increase occupancy rates, targeting the MICE subsegment and others. The future continues to be rivet with uncertainties, including global economic uncertainties, political instability and spectre of further OPR hikes by the BNM. However, market conditions are expected to remain steady and to maintain an upward trend. Against this backdrop, Matrix remains cautiously optimistic that barring any black swan event or unforeseen circumstances, the Group is expected to maintain a comparable performance in FY2024. HO KONG SOON GROUP MANAGING DIRECTOR 30 June 2023 M333 St. Kilda, Australia INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 55
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