Some development in BSS based on Matrix's presentation slides for 6 months ended 30 September 2019
https://www.mchb.com.my/investor-relations/...e-presentation/Bandar Sri Sendayan β Residential and Commercial Properties
β’ Total launches of RM692.9m in 1H20
β’ New sales of RM513.2m in 1H20 (1H19: RM606.1m)
β’ Average take-up rate of 64.5% for ongoing projects ( 1H FY2020)
V.s. Average take-up rate of 88.4% for ongoing projects (1H FY 2019)
β’ Unbilled sales stood at RM875.1m as at 30 September 2019
Bandar Sri Sendayan β Industrial Properties
β’ RM116.0m worth of industrial properties in STV sold in 1H20 (FY19: RM51.3m), totalling64.4 acres
β’ Previous pending launch of STP (GDV: RM170.0m, 94.9 acres) converted into residential land use
; launched STV3 (GDV:140.0m, 103.0 acres) amidst strong interest from foreign companies
Matrix Global Schools
β’ 781 students enrolled as at 30 October 2019 V.s. 839 students as at 838 students as at 30 September 2018
Number of students: β Matrix International School: 313 students (82 from Hengshui No. 1 High School)
β Matrix Private School: 368 students
β Matrix Preschool: 100 students
β’ 1H20 loss before tax narrowed to RM1.5 million from RM4.5 million in 1H19 as a result of enhanced operational efficiency
dβTempat Country Club (DCC)
β’ Recognized as a leading lifestyle and entertainment venue in Seremban
β’ Event/banquet hall seeing excellent booking rates throughout the year for private events
β’ Expecting higher revenue on increasing popularity of F&B outlets and leisure amenities among BSS and Seremban population
dβSora Boutique Business Hotel (DBBH)
β’ First business hotel in BSS township
β’ Ideal for business travelers due to close proximity to Seremban City and Kuala Lumpur International Airport
β’ Average occupancy rate of 55% in 1H20
Total EBIT for DCC & DBBH for YTD 30/9/2019 RM1.3m (RM0.6m YTD 30/9/2018), Revenue RM8.7m (RM7.6m YTD 30/9/2018)
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All this fancy numbers mean nothing.
What BSS need is a proper commercial centre with thriving businesses moving in instead of factories bringing in more migrant workers living in these housing areas. A lot of houses being converted to hostels to house Bangladeshis, Myanmar and other nationals. These are destroying the image of what was meant to be a family development area. Shops have low occupancy rates especially near Metropark and Merchant Square. I dont think there is anything to shout about regarding Dsora hotel, its just a typical corner lot shop converted into a hotel.
Do some research on why the residential occupancy rate is poor as well. Because Matrix is too busy selling units to flippers instead of real core residents unlike IJM S2 where you dont get many institutional buyers/investors.
Sad to say there is no WOW factor about BSS having lived here for 5yrs+. I still need to travel to Seremban or S2 to get my daily chores done. So much for being a so-called sustainable township but lacks basic amenities. No point talking about clubhouses when dtempat is being operated like a public hang out space where any tom dick n harry can come visit with no proper control visitors. It supposed to be something exclusive to members only as what Matrix con sales team said to me years ago.
I've seen enough to say BSS is just another housing area with no proper planning. Please prove me wrong and launch whatever promised years ago. I mean 5yrs ago.
Dec 5 2019, 07:42 AM
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