SELANGOR: Property developer MCT Bhd has acquired its first 2023 land deal with HPC Development Sdn Bhd. For RM58mil, MCT bought a 1.57-acre freehold residential land at Seputeh, Kuala Lumpur.
Located on the fringe of Kuala Lumpur’s central business district, the land parcel is in proximity to Mid Valley Megamall (2km) and Kuala Lumpur City Centre (8 km), while being accessible via the federal highway and New Pantai Expressway.
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.
This purchase is MCT’s first venture into Kuala Lumpur, in line with its strategy to expand its development footprint in the Klang Valley. Its last land acquisition was in August 2022, when MCT acquired three parcels of commercial land in Bangi.
“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 and 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,” MCT chief executive officer Teh Heng Chong said.
The proposed development is tentatively known as Aetas Seputeh. MCT is expected to immediately commence planning, development and marketing upon completion of the proposed acquisition, as the land comes with approved development orders.
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