NCT Alliance Bhd has signed a memorandum of understanding (MoU) to acquire a 51% stake in Setara Juara Sdn Bhd as part of its strategy to expand its property development business in Sabah. Setara Juara holds development rights for approximately 249.67 acres in Dumpil Bay, Putatan district, earmarked for a mixed development project with an estimated gross development value (GDV) of RM3 billion. This project aims to attract a diverse range of residents and businesses, contributing significantly to the region’s economic growth.
NCT Alliance Expands Presence in Sabah
The initiative is expected to benefit from the recent launch of the Sabah-Malaysia My Second Home Programme, which is likely to increase demand for high-rise properties in the area. Herman Lee Show Kien and Melvin Lee Ying, the current shareholders and directors of Setara Juara, will remain key partners in the development, bringing their expertise as civil and structural engineers to the project.
Datuk Seri Yap Ngan Choy, NCT Alliance’s executive chairman, 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.”
Herman emphasized the local market needs, saying, “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.”
