PETALING JAYA: MCT Bhd has entered into an agreement to acquire 4.02 acres of leasehold commercial land in Bangi, Selangor, for RM31.5 million, on which it intends to develop a mixed project with a gross development value (GDV) of RM406 million.
The land is located near Pusat Bandar Baru Bangi and is near two shopping malls, hypermarkets and educational institutions. It is accessible and connected to major expressways such as North-South Expressway and Kajang Dispersal Link Expressway. The development has an unobstructed golf course view as it is located adjacent to the 27-hole Bangi Golf Resort.
This deal is in line with the group’s land acquisition strategy to expand its geographical footprint in the Klang Valley and create growth centres beyond its current landbank, which is primarily located in Cyberjaya, Dengkil, Petaling Jaya and Subang Jaya.
MCT CEO Teh Heng Chong said this is its maiden foray into the Bangi market and is the group’s first land acquisition since 2018.
“We are continuing to look for land at strategic locations and expand our footprint in the Klang Valley with more exciting projects as we continue to build the MCT brand,“ he said in a statement today.
Based on preliminary plans and subject to approval from the authorities, MCT intends to develop the site into a mixed project comprising high-rise serviced apartment and features some retail lots with plans to accommodate drive-through food and beverage outlets. The project is slated for launch in late 2023 or early 2024.
“We see a good opportunity to introduce a nature inspired mixed development here as we feel that the land is located in the most affluent neighbourhood in Bangi. We will design most of the serviced apartments to have unobstructed views of the fairways of the Bangi Golf Resort and create neighbourhood commercial amenities within the development,” said Teh.