MCT acquires freehold residental land at Seputeh for RM58mil

NST Mon, Feb 20, 2023 05:56pm - 3 months View Original

The proposed Aetas Seputeh is expected to contribute positively to MCT’s future growth plans and earnings

KUALA LUMPUR: Emerging property developer MCT Bhd signed an agreement with HPC Development Sdn Bhd to acquire a 1.57-acre freehold residential land at Seputeh, Kuala Lumpur, for RM58 million.

MCT intends to develop 126 units of boutique apartments with an estimated gross development value (GDV) of RM320 million based on preliminary plans, and subject to approval from the authorities.

The project is slated to open for registration of interest by the end of 2023.

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.

MCT chief executive officer Teh Heng Chong said this project is in line with the strategy to expand the company's 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 development will also be an extension of our company's premium Aetas series," he said in a statement.

Aetas Damansara which is MCT's development featuring spacious luxury apartments, was launched in December 2020, has seen a positive take-up rate of more than 80 per cent 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 MCT's future growth plans and earnings prospects," Teh said.

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.

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