MCT Bhd acquires land within Tropicana Golf and Country Resort for RM42.28m

PETALING JAYA: MCT Bhd’s indirectly owned subsidiary One Residence Sdn Bhd is acquiring a 1.765 acre parcel of land located in Bandar Damansara for RM42.28 million from Tropicana Golf and Country Resort Bhd, to develop a luxury condominium.
MCT told the stock exchange that the vacant residential plot is located within the Tropicana Golf and Country Resort.
The purchase and the eventual development cost will be funded through bank borrowings and internally sourced funds.
“The proposed acquisition is in line with the group’s strategy to acquire more landbank for potential development in strategic locations with high development value, which will provide the opportunity to expand and strengthen the group’s existing business of property development of residential and commercial properties,” its board of directors said.
It is also in line with the group’s efforts to build its brand as a quality property developer who is able to meet the needs of different social and economic classes by developing a diverse mix of products ranging from affordable homes to luxury properties in exclusive neighborhoods,” it added.
Given the strategic location, well-equipped infrastructure, recreational facilities and public amenities surrounding the land, the Group believes that the proposed development will contribute positively to its future growth plan and earnings prospects moving forward.