MCT buys land from Tropicana Corp Bhd to develop 1,400 serviced apartment units in Tropicana Metropark

MCT Bhd plans to build some 1,400 serviced apartments on a 9.13 acre plot of land in Tropicana Metropark for RM143 million (RM360 psf) cash from Tropicana Corporation Bhd. The 2 contiguous freehold land, has a permitted plot ratio of 1:4 and it has been issued a master development order approval. MCT expects to commence building in 2019 and complete by 2024. It is already in the “initial planning stage” for the project, which has a development cost of estimated RM570 million, and from which it expects a gross profit of RM280 million. The land was valued by Knight Frank Malaysia on 3 April 2018 for RM90 mil and RM60 mil respectively.

Tropicana Metropark is a 88-acre township development developed by Tropicana Corp Bhd. To-date, the developer has developed/launched 3 serviced apartments, a stratified office building and an international school known as “GEMS International School”. The master developer has also built the 9.2-acre central park and a flyover connecting the township from Federal Highway.

Land Info:

Lot no: Lot 72024 (PT26) and Lot 72025 (PT27), Pekan Country Height, District of Petaling, Selangor Darul Ehsan
Land area: 9.13 acres
Lot 72024 (PT26) – 5.61 acres
Lot 72025 (PT27) – 3.52 acres
Tenure: Freehold
Category of Land Use: Building
Land Price: RM143 million (RM360 psf)
Date of transaction: 13 April 2018
Vendor: Tropicana Metropark Sdn Bhd (company of Tropicana Bhd)
Purchaser: Next Delta Sdn Bhd (Company of MCT Bhd)
1. Market Valuation was carried out by Knight Frank Malaysia on 3 April 2018. Lot 72024 is valued at RM90 mil (RM368 psf) and Lot 72025 is valued at RM60 mil (RM391 psf)
2. The lands have a permitted plot ratio of 1:4

Location Map:

Be the first to comment

Leave a Reply

Your email address will not be published.