Source: The Star

PETALING JAYA: MCT Bhd is acquiring a 1.57-acre freehold plot of residential land at Seputeh, Kuala Lumpur, for RM58mil.

In a statement, MCT said it had entered into an agreement with HPC Development Sdn Bhd for the acquisition, marking the group’s first land deal of 2023.

“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.

Based on preliminary plans and subject to approval from the authorities, MCT said it intends to develop 126 units of boutique apartments with an estimated gross development value of RM320mil that is slated to open for registration of interest by the end of 2023.

In the same statement, MCT chief executive officer Teh Heng Chong said acquisition is in line with the company’s strategy to expand its development footprint in strategic locations in the Klang Valley.

“This also marks our second 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 the group’s premium Aetas series.

“Aetas Damansara, which is a development featuring spacious luxury apartments, was launched in December 2020 and 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,” said Teh.

Going forward, Teh said he is 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 an approved development order which will allow MCT to immediately commence planning, development and marketing of the project upon the completion of the proposed acquisition.”