MCT Bhd is acquiring a plot of leasehold residential land in Tropicana Golf and Country Resort from Tropicana Berhad for RM42.287 mil (RM550 psf).
MCT plans to develop a luxury condominium development on the land in two separate phases, which will enjoy unobstructed views of Tropicana Golf and Country Resort’s 27-hole golf course. The leasehold site, measuring 7,143 square metres/1.76 acres in size, is located along Persiaran Tropicana and adjacent to Tropicana Grande, an existing luxury high-rise condominium developed by Tropicana Berhad. The proposed development will have 226 units condominium with an expected GDV of RM411 mil, and it will be launched in 2019. Development order has been obtained from Majlis Bandaraya Petaling Jaya on 16 July 2018.
Tropicana Golf and Country Resort is a 625-acre gated community which is self-sustaining with a comprehensive range of educational, medical, commercial and recreational infrastructure. Projects located within the township include Tropicana Avenue, Casa Tropicana and Lumi Tropicana, another luxury serviced residence being developed by Thriven Global Berhad located just diagonally opposite the site.
This is second land purchase from Tropicana Berhad by MCT this year. In April 2018, MCT purchased 2 plots of land in Tropicana Metropark from Tropicana Berhad for RM143 mil (read here).
Lot no: Lot 89553, Bandar Damansara, District of Petaling, Selangor Darul Ehsan
Land area: 7,143 sq.metres/1.76 acres
Tenure: Leasehold 99-year 4 April 2109
Category of Land Use: Building (Residential)
Land Price: RM42.287 million (RM550 psf)
Date of transaction: 21 August 2018
Vendor: Tropicana Golf & Country Resort Berhad
Purchaser: One Residence Sdn Bhd (Company of MCT Bhd)
1. Market Valuation was carried out by Knight Frank Malaysia on 15 August 2018 at RM43 mil (RM559 psf)
2. Development Order dated 16 July 2018 issued by Majlis Bandaraya Petaling Jaya for development of 226 units condominium.