MANAGEMENT DISCUSSION & ANALYSIS PROPERTY INDUSTRY OUTLOOK The property market is expected to continue its momentum supported by various initiatives outlined by the government under Budget 2024. This includes the provision of guarantees under the Skim Jaminan Kredit Perumahan, allocations for the implementation of Programme Perumahan Rakyat and the easing of requirements of Malaysia My Second Home (MM2H) programme to attract more tourists and foreign investors to Malaysia. Also encapsulated within the Budget 2024 is the focus on infrastructure development, amongst with is the extension of the North-South Expressway and the East Coast Rail Link. Such projects are expected to boost economic activities and increase accessibility and connectivity, also to strategically located property townships. The national economy is projected to remain in the range of 4.0% to 5.0% in 2024. Supported by resilient domestic growth prospects, the property market performance is expected to remain cautiously optimistic given the unpredictable external environment. The accommodative policies, continuous government support, well-executed measures outlined in Budget 2024, and the proper implementation of strategies and initiatives under RMK-12 are expected to continue supporting growth in the property sector. OUTLOOK FOR MATRIX Moving into FY2025 and looking ahead, the Group’s prospects remain solid with steady growth driving performance. Our property development segment is anticipated to continue its dominant revenue stream leadership, driven primarily by our townships and Klang Valley developments. In the markets we operate in, the Group is on-track to achieve our target of RM1.3 billion for new property sales. Internationally, the Group’s ventures are equally promising. Following the successful completion of the fully sold M. Greenvale project in Melbourne, Australia, the Group is now focusing on the development of M333 St. Kilda, its largest project in Australia to date. This mixed-use development, situated within walking distance of iconic Melbourne landmarks, is expected to garner significant interest for its lifestyle offerings. In Indonesia, the Group’s maiden development, Menara Syariah in Pantai Indah Kapuk 2, Jakarta, completed in FY2024, marking a significant milestone. This accomplishment is poised to bolster the Group’s financial performance for FY2025 and pave the way for the launch of its second project in Indonesia. Working with joint venture partners or on its own, Matrix will continue to explore potentials in other cities. Our support to MVV City aligns with the aspirations of the nation to build a world-class metropolis and serve as the new socio-economic catalyst, to complement the growth of Klang Valley. This is envisioned to be the Group’s next visible growth avenue, aiming to significantly increase our earnings from our Negeri Sembilan developments. Beyond its property development arm, the Group is actively seeking to enhance its other business units, including education, healthcare and hospitality divisions. The Group has entered into a strategic partnership with Adcote Schools, United Kingdom to improve its operational efficiency and strengthen its academic offerings and revenue growth, while allowing greater access to the enrolment of foreign students and recruitment of quality expatriate teaching force. The Group’s venture into healthcare is already bearing fruit. Since the third quarter of financial year ended 31 March 2024, the Group enjoys healthy contribution from MMC and the said income stream is expected to strengthen with a planned increase in patient beds over the next 12 months. MMC’s approach will continue to be patient-focused, looking to improve on treatment offerings and patients’ satisfaction levels. We will continue to explore opportunity to support medical tourism with patients from abroad. Nusari Biz 2 KEY MESSAGES 53 INTEGRATED ANNUAL REPORT 2024
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