PETALING JAYA: NCT Alliance Bhd has signed a memorandum of understanding (MoU) to acquire 51% equity interest in Setara Juara Sdn Bhd.
The MoU aligns with NCT Alliance’s strategic plan to expand its property development business particularly in Sabah.
Setara Juara holds the development rights to about 249.67 acres of land in Dumpil Bay in the Putatan district of Sabah. The land is earmarked for a mixed development project, with an estimated gross development value (GDV) of RM3 billion. The project is expected to attract a diverse range of residents and businesses, contributing to economic growth.
In addition, the project will stand to benefit from the recent launch of the Sabah-Malaysia My Second Home Programme, which will bolster foreigners’ demand for high-rise properties and spur the property market in Sabah.
Herman Lee Show Kien and Melvin Lee Ying, current shareholders and directors of Setara Juara, will continue to play an integral role as key partners in the development. Herman and Melvin are civil and structural engineers by profession. Herman has been practising as a civil and structural consultant in his own firm since 1978.
NCT Alliance executive chairman and group managing director Datuk Seri Yap Ngan Choy said: “This MoU is a key component of our group’s long-term growth strategy for Sabah, Malaysia’s second-largest state with a population of 3.6 million. Sabah boasts the country’s second-busiest airport, making it an appealing destination for tourists drawn to its natural beauty and a significant hub for investment. 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 Sabah.”
Herman said there are insufficient landed residential property developments, especially single-storey terrace housing projects, in Kota Kinabalu due to the high land costs. He added that most developers prefer to develop 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 local banks for end-financing to the purchasers,” he said.
