NCT Alliance Berhad to acquire 51% stake in Setara Juara Sdn Bhd for landmark property development project in Sabah

Puchong, September 20 2024 – NCT Alliance Berhad (‘NCT”) has inked a Memorandum of Understanding (MoU) with the existing shareholders of Setara Juara Sdn Bhd (“SJSB”) to acquire a 51% equity interest in SJSB. The proposed acquisition aligns with the Company’s strategic plan to expand its property development business particularly in Sabah.

Setara Juara Sdn Bhd, a private limited company incorporated in Malaysia, holds the development rights for approximately 249.67 acres of land strategically located in Dumpil Bay, in the Putatan district of Sabah. Situated along the Kota Kinabalu – Putatan – Lok Kawi Pan Borneo Highway, the project site is located approximately 15 minutes (13 kilometers) from Kota Kinabalu City Centre, 10 minutes (6kilometers) from Kota Kinabalu International Airport and 5 minutes (1 kilometer) from Putatan Town Centre.

The land is earmarked for a mixed-development project, with an estimated gross development value (GDV) of approximately RM3 billion. The project is expected to attract a diverse range of residents and businesses, contributing to the economic growth.

In addition, the project will stand to benefit from the recent launch of Sabah-Malaysia My Second Home Programme (“Sabah-MM2H”). The Sabah-MM2H will bolster foreigners’ demand for high-rise properties and spur the property market in Sabah.

Herman Lee Show Kien and Melvin Lee Ying, the current shareholders and directors of Setara Juara Sdn Bhd, will continue to play an integral role as key partners in this development. Herman and Melvin are both civil and structural engineers by profession. Herman has been practicing as a Civil and Structural Consultant in his own firm for 46 years since 1978.

Dato Sri Yap Ngan Choy, NCT Alliance’s Executive Chairman and Group Managing Director, stated, "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 the Sabah State.”

Mr Herman Lee, SJSB’s Director and major shareholder, stated, “There are insufficient landed residential property developments, especially single-storey terrace housing projects in Kota Kinabalu due to the high land costs. Presently, 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 the local banks for end-financing to the purchasers.”

The signing of this MoU represents an important step forward for NCT in its mission to create and expand innovative and sustainable living spaces in key locations across Malaysia. The project in Dumpil Bay is poised to meet the growing demands of Sabah property market, offering diverse options for residents and businesses while enhancing the overall quality of life in the region.

This strategic collaboration highlights NCT’s dedication to growth and its focus on delivering high-value developments that benefit communities and stakeholders.

About NCT Alliance BerhadListed on the Main Market of Bursa Malaysia, NCT Alliance Berhad is involved in the development ofresidential properties, tourism centric investment properties, and industrial properties. The Companywas first incorporated in 2004 as an Information Technology service provider, before venturing into theproperty development sector in mid-2013. NCT Alliance’s focus shifted solely to property developmentwith the takeover by YBG Yap Consolidated Sdn Bhd in 2019. Executive Chairman and GroupManaging Director, Dato’ Sri Yap Ngan Choy, brings with him over 40 years of experience in theproperty industry. With his leadership, the Company is poised to make bigger and bolder moves in theproperty industry.

For more information, please visit our website at www.nctalliance.com.