SUBANG JAYA: On the back of the success of Alira Subang Jaya, property developer MCT Bhd plans to roll out Amika Residences, a Japanese-inspired development with 493 units of serviced apartments coupled with neighbourhood retail lots that are suitable for al-fresco lakeside dining.
The group is confident that the project will be well received judging by the favourable response for Alira Subang Jaya, said MCT chief executive officer Teh Heng Chong.
“We (also) plan to launch two new and exciting projects soon. The first will be our upcoming Alora Residences’ service apartments, which are designed to meet the own-stay homeowners or upgraders’ housing demand of owning a property in a strategic location with direct access to public transportation.
“The launch will be the first phase of our highly anticipated 2Fifth Avenue, a 13-acre mixed development in Subang Jaya. It is strategically located close to the USJ21 LRT Station and is well connected to various highways, making it an ideal choice for urban living,” he added
MCT also announced that it is proposing to change its name from MCT Bhd to Avaland Bhd (Proposed Change of Name). The proposed change of name is in line with the group’s ongoing rebranding exercise to better reflect its updated corporate identity which is more aligned with the group’s core business and values. The rebranding exercise also aims to improve the public’s confidence in the group and enhance stakeholder engagement.
MCT has been increasing its land bank with the acquisition of three parcels of commercial land in Bangi in August last year, marking its foray into a new growth centre in Bangi.
In February 2023, MCT acquired a parcel of residential land in Seputeh for RM58mil, its first acquisition in Kuala Lumpur. Subsequently, the group acquired a 3.9-acre residential land at Taman Desa, Kuala Lumpur for RM64.6mil in March 2023 to further enhance its landbank.
Meanwhile, MCT maintained its growth trajectory as its revenue increased by almost twofold to RM76.6mil in the quarter ended March 31, 2023 from RM38.6mil in the corresponding quarter of the preceding year on the back of higher property sales.
In 1Q2023, MCT’s net property sales grew by 19.7% to RM104.8mil from RM87.5mil in the corresponding quarter of the preceding year, in line with the increased number of ongoing projects as the Group had launched Sanderling, Casa Embun and Phase 2 of Alira Subang Jaya in the second half of 2022.
Coupled with reduced finance costs and income tax expense, the group reported a profit after tax of RM0.1mil in 1Q2023 from a loss after tax of RM12.2mil a year ago.
Stay ahead of the crowd and enjoy fresh insights on real estate, property development, and lifestyle trends when you subscribe to our newsletter and follow us on social media.