PUCHONG: NCT Alliance Berhad has inked a Memorandum of Understanding (MoU) with Setara Juara Sdn Bhd to acquire a 51pc equity in SJSB.
The proposed acquisition aligns with the Company’s strategic plan to expand its property development business particularly in Sabah.
SJSB holds the development rights for approximately 249.67 acres strategically located in Dumpil Bay, in Putatan, Sabah.
Situated along the Kota Kinabalu – Putatan – Lok Kawi Pan Borneo Highway, the project site is located approximately 15 minutes from Kota Kinabalu City Centre, 10 minutes from Kota Kinabalu International Airport and 5 minutes from Putatan Town Centre.
The land is earmarked for a mixed-development project, with an estimated gross development value (GDV) of approximately RM3 billion. The project is expected to attract a diverse range of residents and businesses, contributing to the economic growth.
The project will stand to benefit from the recent launch of Sabah-Malaysia My Second Home Programme (“Sabah-MM2H”). The Sabah-MM2H will bolster foreigners’ demand for high-rise properties and spur the property market in Sabah.
Herman Lee Show Kien and Melvin Lee Ying, the current shareholders and directors of Setara Juara Sdn Bhd, will continue to play an integral role as key partners in this development.
Herman and Melvin are both civil and structural engineers. Herman has been practicing as a Civil and Structural Consultant in his own firm for 46 years since 1978.
Dato’ Sri Yap Ngan Choy, NCT Alliance’s Executive Chairman and Group Managing Director, said: “This MoU is a key component of our Group’s long-term growth.
This agreement marks an important step for the NCT Group as we expand our presence in Sabah, this time by collaborating closely with our new partners who possess proven expertise in property development in the Sabah State,” said Yap.
Herman Lee, SJSB’s Director and major shareholder, said there are insufficient landed residential property developments, especially single-storey terrace housing projects in Kota Kinabalu due to the high land costs.
Presently, most developers prefer high-rise condominiums. Our project is unique in the sense that we aim to cater to the local market needs.
“Terrace houses are in good demand in Kota Kinabalu and welcome by the local banks for end-financing to the purchasers,” he said.
