KUALA LUMPUR (Aug 22): MCT Bhd has entered into an agreement to acquire 4.02 acres of leasehold commercial land in Bangi, Selangor for a total purchase consideration of RM31.5 million.
MCT chief executive officer Teh Heng Chong said in a press release: "This is an important milestone for our group as it is our maiden foray into the Bangi market and is our group's first land acquisition since 2018. Moving forward, we are continuing to look for land at strategic locations and expand our footprint in the Klang Valley with more exciting projects as we continue to build the MCT brand."
Based on preliminary plans, and subject to approval from the authorities, MCT intends to develop this land with a mixed development project comprising high-rise serviced apartments and some retail lots with plans to accommodate drive-through food and beverage outlets. The estimated gross development value for the project is RM406 million and is slated for launch in late 2023, or early 2024.
"We see a good opportunity to introduce a nature inspired mixed development here as we feel that the land is located in the most affluent neighbourhood in Bangi. It is time to elevate the living standards here. We will design most of the serviced apartments to have unobstructed views of the fairways of the Bangi Golf Resort and create neighbourhood commercial amenities within the development," added Teh.
The land is situated near Pusat Bandar Baru Bangi and is within close proximity to two shopping malls, hypermarkets and educational institutions. It is easily accessible via expressways such as the North-South Expressway and the Kajang Dispersal Link Expressway. The development will also offer an unobstructed golf course view as it is strategically located adjacent to the Bangi Golf Resort, which houses a 27-hole golf course.
This acquisition is in line with the group's land acquisition strategy to expand its geographical footprint in the Klang Valley and create new growth centres beyond its current land bank, which is primarily located in Cyberjaya, Dengkil, Petaling Jaya and Subang Jaya.