Property news source: https://renthouz.my/news-hub.

MCT Bhd plans to fork out RM58 million cash to purchase a 1.57-acre parcel of land in Seputeh, Kuala Lumpur, to serve as the site of a proposed residential highrise development carrying a gross development value (GDV) of RM320 million.

In a bourse filing on Monday, the property developer said the group’s wholly-owned subsidiary Ardent Residence Sdn Bhd (ARSB) inked an agreement with HPC Development Sdn Bhd for the acquisition.

Atop the land, the group has proposed to develop “Aetas Seputeh”, a residential development comprising two 38-storey blocks housing 126 units of luxury apartments.

It added that the project carries an expected total development cost of RM186 million and a GDV of RM320 million. The project is expected to commence in 2023 and is projected to be completed in 2027.

MCT said the land's purchase consideration was agreed on a 'willing buyer, willing seller' basis based on, among others, the RM55 million market value of the land as appraised by Knight Frank Malaysia Sdn Bhd on Dec 5, 2022, and Kuala Lumpur City Council’s approved development order for the two blocks of highrise apartments.

“ARSB intends to fund the proposed acquisition and the proposed development via a combination of internally-generated funds and/or bank borrowings,” it added.

MCT said the proposal would mark its first land acquisition in Kuala Lumpur and the project would serve as an extension of the group’s premium Aetas series.

“Aetas Damansara, which is a development featuring spacious luxury apartments, was launched in December 2020 [and] has seen a positive take-up rate of more than 80% to date,” the group said, adding that it hopes to replicate this success with the proposed development in Seputeh.

“Given the strategic location, well-equipped infrastructure and established public amenities surrounding the land, the group believes that the proposed development will contribute positively to the group’s future growth plans and earnings prospects moving forward,” it added.

Barring unforeseen circumstances, MCT said the acquisition is expected to be completed by the second quarter of 2023.

Shares in MCT ended half a sen or 3.03% lower at 16 sen, giving the group a market capitalisation of RM226.26 million.


February 20, 2023 18:48 pm
https://www.theedgemarkets.com/node/655971

This post has been edited by accetera: Jul 11 2024, 11:21 AM

which piece of land in seputeh?

Just curious what’s the starting price for this project.

Which piece of land and where’s the access road to the site.

Interesting...

Sure it's in Seputeh area?
Not somewhere else but sell as Seputeh 😁

The land is the empty/cleared piece of land immediately next to Robson Condominium if you Google map it, persiaran Syed putra 2.

Got say development of 126 units, gdv about 320m
Divided by the units it's about 2.5 million per unit on average



This post has been edited by eltaria: Feb 21 2023, 09:47 AM

Thanks for the info....

That land has been vacant (and overgrown with trees and shrubs) for many years dy and it's shaped more like a triangle than a rectangle. I happen to live in that condo and the unit I'm staying in is facing in that land's direction. Occasionally the previous owner will arrange for some clearing but left some trees near the neighbouring houses alone. Only at one time did they dispatch a contractor to do some soil testing in January before CNY, but after that, it's all quiet. Was quite surprised to see the Aetas banner stuck on the hoarding when I just came back from work today. Gonna suck that the KL view will be gone once it's completed in 2027, but at least there won't be bugs flying in during the night when the construction commences.

Long before this announcement, I heard from an acquaintance that the previous developer (not sure who, but it's a small-time one) tried to sell at around that price for lesser density, but received a really poor response that it was abandoned and left as it is until now. Not sure how much will MCT sell this, but if they're trying to sell the units at a similar price like Setia Sky Seputeh nearby (RM 2 mil and above for a 2,xxx sf unit), I really doubt that it will be a fast seller as the latter still have a lot of units for both blocks. Considering that individual-titled terrace houses in the area can fetch RM 1 mil and bungalows can go up to RM 2 mil or more, it's going to be quite a hard sell at that price point.

This post has been edited by DesRed: Mar 8 2023, 09:25 PM

Setia Sky not fully sold?

My 2 cents on seputeh. It’s an old area with many old and worn out double storey terraces. Take a drive to Seputeh heights area and look around. Of course seputeh heights is nice but outside the development, it’s akin to an abandoned township. There is one row of shop houses nearer to train station. Other than that, Midvalley will be the place you need to frequent to get your food…or Siu Siu restaurant.

Atas with an "e" That place seems to have a lot of cliffs

If i'm not mistaken this area isnt in Tmn Seputeh. Would it be more accurate to say it's located in Robson / Tmn Persiaran Desa?

Official Site: https://aetasseputeh.my/

Selling price from the site:
1) 3,493 sf | 3+1 Bedrooms | RM3.49 mil
2) 3,498 sf | 4+1 Bedrooms | RM3.50 mil
3) 3,753 sf | 4+1 Bedrooms | RM3.75 mil

Looks like around RM 1,xxx/sf, which is equivalent to Setia Sky Seputeh. I'd just say good luck since I hadn't seen any construction progress when I passed by today. In that article linked in the OP, they said 2nd quarter of 2023...

New rebrand company Avaland from MXT. Hmm interesting. Better go for sp setia product if the price is on par with sky seputih.

For the price offered by both this project and Setia Sky Seputeh, I'd rather go for Bon Estates @ Bangsar South coz you can get around RM 7xx/sf for the same unit sizes (during its launch back in 2018, it was selling at RM 6xx/sf). I mean, seriously, outside of a few fancy GnG housing areas such as Sierra Seputeh, Seputeh Heights, Mutiara Seputeh and Seputeh Gardens, the rest of the landed houses (terrace, Semi-D and bungalows) look ordinary, just like those in your atypical housing area. Wonder what they were thinking in selling at the price of RM 1,xxx/sf for both the former projects. Even recently completed/newly launched Taman Desa projects aren't selling at that price point.

That's quite pricey.
Any buyers here to share their viewpoints?

many kaya punya orang in the market...

sure got early bird discount ... final price sure will below 900psf

Viewed Amika and Alora by Avaland - sales office. Macam biasa-biasa je. Designs not fantastic.

This post has been edited by Chuffling: Mar 15 2024, 09:48 AM

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This post has been edited by ftsk626: Mar 30 2024, 05:15 PM

.

This post has been edited by Calvin Seak: Jan 16 2025, 01:49 PM

was heard the 4000sq ft unit was fully sold, anyone here bought it?