PETALING JAYA: NCT Alliance Bhd
has entered into a conditional sale of shares agreement with Herman Lee Show Kien and Melvin Lee Ying to acquire a 51% stake in Sabah-based developer Setara Juara Sdn Bhd (SJSB) for RM22mil.
In a statement, NCT said the acquisition will pave the way for its development of Ion Marina Bay, a property development project with an estimated gross development value of RM3.4bil.
“The landmark waterfront project located in Putatan, Sabah, is expected to further strengthen the company’s presence in one of Malaysia’s most promising real estate markets.”
NCT said its expansion into Sabah has been carefully planned to tap into the region’s growing real estate market, which has seen heightened interest due to the state’s economic growth and infrastructure investments.
The acquisition of SJSB is expected to be completed by the third quarter of 2025.
