This article first appeared in City & Country, The Edge Malaysia Weekly on November 24, 2025 - November 30, 2025

Negeri Sembilan-based Matrix Concepts Holdings Bhd (KL:MATRIX) has seen changes and transformations in its boardroom, management team and business strategies over the past few years. Kelvin Lee, son of founder and group executive deputy chairman Datuk Seri Lee Tian Hock, is set to take the helm of the company. He was first appointed to the board in September 2023 as a non-executive director and redesignated as a group executive director in April this year.

Guided by his father’s principle, “Act with sincerity, treat others with integrity”, Kelvin sees leadership as a balance between people and purpose.

“Whether in the boardroom or on the ground, we are reminded that Matrix Concepts is not just about building homes but also building lives. This belief continues to shape how we lead, develop talent and prepare the next generation of leaders,” he says.

Matrix Concepts has also expanded its portfolio, including the acquisition of 70% equity interest in property developer Horizon L&L to gain a foothold in Selangor and develop more high-rise projects. It is also developing MVV City in the Malaysia Vision Valley 2.0 (MVV 2.0) mega project in Negeri Sembilan, further strengthening its presence in the state.

The developer has started seeing financial contributions from Horizon L&L and MVV City. “The incremental contribution from both Horizon L&L and MVV City certainly gives clear visibility and a positive outlook of the group’s earnings, highlighting the growth potential of the group in the near term,” Kelvin adds.

In recent years, Matrix Concepts has also been actively expanding its non-property segments, particularly education, healthcare and hospitality, to diversify its income base and enhance long-term sustainability. This diversification has contributed to recurring income growth in recent years.

In the financial year ended March 31, 2024 (FY2024), the group recorded RM44.6 million in revenue from operations excluding the property development division, a 10.6% increase from the previous year. The divisions contributed RM25.7 million in earnings before interest and taxes (Ebit), representing 7.8% of the group’s total RM328.7 million Ebit.

The education segment also strengthened following the partnership with Ray Education Group at the end of 2023, leading to improved operations and strong growth in foreign student enrolment. This has led to the education segment reversing the trend of net losses since its inception to record its inaugural profitable quarter in the fourth quarter of FY2025.

“The healthcare division recorded significant growth, with revenue rising from RM5 million in FY2024 to RM13.3 million in FY2025, driven by the restructuring exercise and expansion of Mawar Medical Centre, which increased its bed capacity from 30 to 97 and consultant count from 13 to 20,” he says.

“Meanwhile, although the profit contribution from the education segment is minuscule, it is most encouraging to learn that they have continued to deliver profits in the first quarter of FY2026. Moving forward, we aim to further enhance recurring income from the healthcare segment through continued expansion, either by increasing the capacity of Mawar Medical Centre or exploring new healthcare ventures.”

The following are excerpts from the interview with Kelvin.

City & Country: What have been some of the key highlights of FY2024 for the group?

Kelvin Lee: FY2024 was a defining year for continued growth and innovation at Matrix. Building on the vision and success of my predecessor [former group managing director Ho Kong Soon] and my father, FY2024 saw revenue in Negeri Sembilan reaching a record high of RM1.34 billion. This growth was mainly driven by our flagship development, Bandar Sri Sendayan, which registered a strong 47% increase in revenue to RM1.24 billion from RM838 million in the previous financial year, reflecting the continued strong demand for the township’s offerings.

Residential properties remained the main revenue contributor, rising 20% to RM1.22 billion in FY2024 from RM1.02 billion a year earlier. Meanwhile, commercial properties also recorded positive growth, increasing by 34.5% in revenue to RM77.2 million.

In tandem with top line improvements, net profit attributable to equity holders increased from RM207.2 million to RM244.3 million, supported by higher sales of RM1.25 billion and an average take-up rate of 81.1%, reflecting sustained market demand across our developments. We have also maintained a consistent dividend payout since 2013, delivering a dividend yield of 5.6%, underscoring our commitment to long-term shareholder value.

In the same year, we expanded our footprint into the Klang Valley with the launch of Levia Residences Kuala Lumpur on Oct 1, 2023, a project with a gross development value (GDV) of RM532 million. It has since seen a take-up rate surpassing 80% despite the challenging market conditions.

In addition to property-related highlights, we strengthened our education arm through a strategic partnership with Ray Education Group, which has driven strong student enrolment growth and enhanced the delivery of holistic international education. These milestones underscore Matrix’s continuous effort to diversify its portfolio and reinforce sustainable growth across its core business segments.

Please give us an update on the progress of ongoing projects and upcoming launches.

We have planned residential and commercial launches worth around RM1.2 billion in Negeri Sembilan in FY2026. We have thus far launched RM600 million worth of projects and will roll out the remaining projects over the rest of the financial year.

In the Klang Valley, in addition to our existing project Levia Cheras, we plan to launch Levia Puchong in 2026. Furthermore, our newly acquired Horizon L&L has around RM800 million worth of launches in its pipeline. It will continue to launch its planned pipeline projects in Bandar Mahkota Banting up to RM150 million annually and a RM350 million project in Kota Warisan next year.

In Johor, we have launched RM90 million worth of properties to date in our flagship township Bandar Sri Impian. We aim to launch another RM60 million by end-FY2026.

In addition to the residential and commercial properties, we are also encouraged by the sales results of the industrial development MVV TechValley. Thus far, we have launched the first phase of MVV TechValley, which is around 300 acres and about 70% sold. We are confident the balance of Phase 1 should be able to sell in another six to nine months’ time. As we see strong momentum in industrial sales, we look forward to launching the second phase next year.

While property development remains the core revenue and profit contributor, the other divisions, such as construction, education, hospitality and healthcare, are integral to the group’s holistic ecosystem model, ensuring long-term stability and sustainable growth.

We also have recurring income streams through Adcote Matrix Malaysia (education); d’Tempat Country Club and d’Sora Hotel (hospitality); and Mawar Medical Centre (healthcare). Each plays a vital role in strengthening the self-sufficiency and liveability of Matrix townships, ensuring consistent revenue beyond property sales.

Then, the upcoming Sendayan Merchant Square is set to emerge as the vibrant heart of Bandar Sri Sendayan, a 6.4-acre neighbourhood commercial hub featuring a curated mix of dining, retail and leisure offerings.

Anchored by Cold Storage with a 24,000 sq ft flagship outlet, the hub will also host well-known F&B brands from Kuala Lumpur making their Negeri Sembilan debut. The design features standalone restaurants, thematic shops, outdoor play areas and an open event plaza, fostering a walkable, experience-driven environment that blends convenience with community connection.

Positioned as a modern, family-friendly lifestyle destination, Sendayan Merchant Square reflects our long-term vision to create neighbourhoods that are not only self-sustaining but also socially vibrant, enriching the everyday living experience of residents and visitors alike.

Is an expansion of your high-rise portfolio on the cards?

Yes, but only in the Klang Valley for now.

In Malaysia, this direction is already taking shape through the Levia Residence series, which represents our high-rise lifestyle offering in the Klang Valley. The first in the series is Levia Residences @ Cheras, which is for homebuyers seeking a blend of modern design, smart living and urban convenience.

Building on this success, we are set to introduce our next Levia development in Puchong, a project that will further enhance the group’s presence in the Klang Valley.

These ventures mark our gradual evolution into diversified product typologies, balancing our stronghold in township development with a growing portfolio of high-rise, lifestyle-driven projects tailored for metropolitan markets.

Matrix Concepts recorded a higher profit of RM62.94 million in 1QFY2026. How confident are you in maintaining the momentum?

1QFY2026 performance marked a return to normalcy following a temporary setback in the previous year arising from end-user financing issues that had adversely impacted results. With the matter now resolved, we expect the profitability level achieved in 1QFY2026 to be consistently sustained moving forward, supported by the growing acceptance of our products, as reflected in our commendable take-up rates.

This position will be further enhanced in FY2026 as the group anticipates incremental contributions from Horizon L&L, which boasts sizeable unbilled sales and various launches worth over RM800 million over the next 24 months.

Furthermore, the group’s next flagship development, MVV City, has garnered strong interest among homebuyers and investors. The launch of industrial products has received a strong response, with record sales of RM450 million secured, surpassing the FY2026 industrial sales target of RM250 million.

Can you give us an update on Matrix Concepts’ 2,400-acre development in MVV 2.0?

Spanning 2,382 acres, MVV City forms the first phase of MVV 2.0 under the joint venture between Matrix and NS Corp. With an estimated GDV of RM15 billion to be developed over a decade, MVV City will feature 1,000 acres of industrial space known as MVV TechValley, 11,000 residential units and 452 acres of commercial and institutional zones, creating a balanced ecosystem for business and community growth.

Each precinct within MVV TechValley is being designed to international standards, offering renewable energy-ready infrastructure, high-speed fibre optics and 5G connectivity. Sustainability remains central to the development with energy-efficient solutions, lush landscaping and integrated water management systems to support long-term operational efficiency and environmental goals.

Ultimately, our goal is to create a self-sustaining ecosystem that drives investment, job creation and innovation while reinforcing Matrix’s role as a key private sector contributor to the MVV 2.0 master plan and the broader economic transformation of Negeri Sembilan.

What about your international portfolio, namely Indonesia and Australia?

For Indonesia, we are currently exploring potential buyers for our project there as part of our ongoing portfolio optimisation exercise. The move is aligned with our approach to streamline resources and refocus on our core developments in Malaysia.

In Australia, we have recently handed over our 333 St Kilda (M333) project, our third completed project in Melbourne. It comprises 78 residential units and three retail lots on a land area of about 2,000 sq m and comes with facilities such as a gym, media and conference rooms, a private dining kitchen and a rooftop BBQ terrace.

Are there plans to acquire additional land or expand into new states or countries?

Our expansion strategy has always been guided by prudence and long-term value creation. For now, our core focus remains in Seremban, the Klang Valley and Johor, where we see continued demand and sustainable growth opportunities.

In the Klang Valley, our recent acquisition of Horizon L&L marks a strategic step forward. This acquisition will pave the way for the establishment of Matrix Concepts Central, which will serve as our key development hub in the Klang Valley. It not only strengthens our land bank but also enhances our ability to deliver quality and sustainable developments within this important growth corridor.

We are also excited about our medical centre project in the Suria Heights area of Bandar Sri Sendayan. The upcoming facility, with 150 beds, is slated to begin construction in 2026. This initiative reflects our commitment to developing integrated, self-sustaining townships that cater to evolving community needs.

That said, we remain open to exploring new locations and opportunities when the timing and market conditions are right. Our approach remains disciplined, to expand in ways that complement our existing strengths while ensuring consistent value creation for our stakeholders.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's App Store and Android's Google Play.