MCT ACQUIRES 1.57 ACRES OF LAND IN SEPUTEH, KUALA LUMPUR, ITS SECOND ACQUISITION IN SIX MONTHS
Subang Jaya, 20 February 2023 – Emerging property developer MCT Berhad (“MCT”) has entered into an agreement with HPC Development Sdn. Bhd. and closed its first land deal for 2023, a 1.57-acre freehold residential land at Seputeh, Kuala Lumpur, for RM58 million.
The land is strategically situated at the fringe of Kuala Lumpur’s central business district in a matured and affluent neighbourhood with readily available public amenities and infrastructure with excellent connectivity within the vicinity. It is located 2km from Mid Valley Megamall and approximately 8km from Kuala Lumpur City Centre and is accessible via Federal Highway and New Pantai Expressway. It also has access to various local and international schools such as SRJK (C) Kuen Cheng 2 and Alice Smith Primary School, all within a 5km radius.
Based on preliminary plans, and subject to approval from the authorities, MCT intends to develop 126 units of boutique apartments with an estimated gross development value of RM320 million and is slated to open for registration of interest by the end of 2023.
Teh Heng Chong, Chief Executive Officer of MCT said, “We are excited with our first venture into Kuala Lumpur in line with our strategy to expand our development footprint in strategic locations in the Klang Valley. This also marks our 2nd land acquisition in a space of six months following the acquisition of three parcels of commercial land in Bangi back in August 2022.
The proposed development will also be an extension of our Group’s premium Aetas series. Aetas Damansara which is a development featuring spacious luxury apartments, was launched in December 2020, has seen a positive take-up rate of more than 80% to-date. We hope to replicate the success of the award winning Aetas Damansara as we have conducted extensive market research to ensure we deliver the right product to cater to this particular market segment.
Going forward, we are optimistic that the proposed development, tentatively known as Aetas Seputeh, will contribute positively to the Group’s future growth plans and earnings prospects.”
Furthermore, the land comes with approved development order which will allow MCT to immediately commence planning, development and marketing of the project upon the completion of the proposed acquisition.
