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The Malaysian Reserve - Tropicana to sell land to MCT

Tropicana to sell land to MCT

Tropicana Golf & Country-Resort Bhd (TGCRB), has entered into a sale and purchase agreement with One Residence Sdn Bhd, an indirect fully owned unit of MCT Bhd, to sell a 7,143 sq m parcel of leasehold land in Bandar Damansara, Selangor, for RM42.29 million. The lease expires on April 4,2109.

In an exchange filing on Tuesday, MCT noted that it plans to acquire the land in line with its strategy to acquire more land-bank for potential development in strategic locations with high development value, thus expanding its existing property development business.

It plans to develop a luxury condominium development on the land, which is located within the Tropicana Golf & Country Resort, in two separate phases.
Given its strategic location, infrastructure, facilities and public amenities, the proposed development is expected to contribute positively to MCT's future growth plan and earnings prospect.

The proposed acquisition and the eventual land development costs are expected to be funded via internally generated funds and/or bank borrowings by MCT The proposed acquisition is anticipated to be completed by the first quarter of 2019.

As One Residence's ultimate holding company is a foreign-owned firm, it will have to seek consent from the relevant state authority for the transfer of land ownership from TGCRB to One Residence

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