KUALA LUMPUR: NCT Alliance Bhd
has inked a memorandum of understanding to acquire a 51% equity interest in Setara Juara Sdn Bhd as part of plans to expand its property development business.
In a statement, the group said Setara Juara holds the development rights to about 249.67 acres of land in Dumpil Bay in Putatan, Sabah, which has been earmarked for a mixed-development project with a gross development value of RM3bil.
The project is expected to attract a diverse range of residents and businesses, contributing to economic growth, it said.
The group added that the project will stand to benefit from the recent launch of the Sabah-Malaysia My Second Home Programme, which is expected to bolster foreigners' demand for high-rise properties and spur the property market in Sabah.
The current shareholders of Setara Juara - Herman Lee Show Kien and Melvin Lee Ying - are civil and structural engineers by profession who are expected to continue to play an integral role as key partners in the development.
"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 NCT Alliance chairman and group managing director Datuk Sri Yap Ngan Choy.
