To encourage Malaysians to purchase their first home, the National Budget 2023 allowed full stamp duty exemption until end-2025 for first-time homebuyers who purchase a home valued at RM500,000 and below. Additionally, residential properties purchased worth between RM500,001 to RM1 million will enjoy a 75% stamp duty exemption until end-2023. Furthermore, the relaxation of Malaysia My Second Home (MM2H) programme, announced by the Government in December 2023, is on the right track to boost foreign investment in Malaysia, particularly in the real estate sector. Despite the disruption to supply chain and the increased costs of building material experienced in FY2024, the Group redoubled its commitment to reinforce its focus on driving operational efficiency and in managing the escalating costs. This ultimately enabled Matrix to maintain its competitiveness in the industry and drive performance growth. Overnight Policy Rate (OPR) was stagnant at 3.0% since May 2023, after an increase by 0.25 basis points from 2.75%, last increased in November 2022. The monetary policy stance remains supportive of the economy and is consistent with the current assessment of the inflation and growth prospects, vigilant to ongoing developments to inform the assessment on the outlook of domestic inflation and growth as well as conducive to sustainable economic growth amid price stability. The current level of borrowing rate is seen heading to prepandemic rate at 3.00% in 2019, which the latest announced was in 9 May 2024. MATRIX IN FY2024 Despite the challenging environment in the recent financial years, Matrix has successfully strengthened its financial position, enabling it to remain on-track of its business plan. This was on the back of a prudent defensive stance in avoiding unnecessary cashflow expenditure. To mitigate the increase costs of building materials, Matrix kept its focus on driving operational efficiency onsite and across its administrative functions. With strong focus on enhancing growth and diversification, Matrix remains committed to driving with township development and delivery of premium affordable properties. Matrix’s township development utilises a combination of building technology, harnessing innovative processes and rationalising financial and natural resources. Commitment to project delivery timeliness without compromising finished quality and strict adherence to governance and compliance is embedded into the DNA of Matrix’s operations. The Group’s focus on diversification is also demonstrated in its international ventures. The various projects undertaken in Melbourne, Australia and Jakarta, Indonesia, as outlined in the later part of this report, has strengthened considerably. This has supported the increased brand recognition of the capability and capacity of Matrix. Further to this successful overseas venture, the Group are also focused on replicating the success of The Chambers development through its second Klang Valley development, Levia Residence, in Cheras, Kuala Lumpur. Levia Residence is already showing promising performance, with 55% of one tower already taken up at its launch in January 2024. MANAGEMENT DISCUSSION & ANALYSIS Bayu Sutera – interior layout KEY MESSAGES 39 INTEGRATED ANNUAL REPORT 2024
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