MCT Bhd buys land in Taman Desa for RM65m to develop condominium

• The acquisition of the freehold land from Sisi Tasik Sdn Bhd is the group's second land buy in Kuala Lumpur following the purchase of another parcel of land in Seputeh that was announced on Feb 20, the group said.

KUALA LUMPUR (March 1): MCT Bhd has acquired a 3.9-acre plot of freehold land in Taman Desa here for RM64.65 million to undertake a condominium project with an estimated gross development value of RM500 million.

The acquisition of the freehold land from Sisi Tasik Sdn Bhd is the group's second land buy in Kuala Lumpur following the purchase of another parcel of land in Seputeh that was announced on Feb 20, the group 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,” added MCT in a Bursa Malaysia filing.

MCT chief executive officer Teh Heng Chong said the project is planned for launch in 2024 and will comprise 236 units of family-sized condominiums.

“The proposed development is expected to be our third instalment of our award-winning Aetas series and is tentatively named Aetas Taman Desa," Teh said in a statement.

MCT shares closed unchanged at 18 sen on Wednesday (March 1), giving the group a market capitalisation of RM262.26 million.