Malaysian property developer NCT Alliance Bhd is expanding its footprint in Sabah through a strategic acquisition, securing a majority stake in local firm Setara Juara Sdn Bhd for RM22 million. The deal, finalized through NCT’s subsidiary NCT Panorama, grants the company a 51% controlling interest in Setara Juara, which holds development rights for a prime 249.67-acre site in Putatan.
The land, designated for the RM3.4 billion Ion Marina Bay mixed-development project, is strategically positioned near Kota Kinabalu International Airport and Putatan Town Centre. Slated for completion by 2033, the nine-year project will integrate residential, commercial, and lifestyle elements, further diversifying NCT’s portfolio in East Malaysia.
NCT Alliance’s executive chairman, Datuk Seri Yap Ngan Choy, emphasized the acquisition as a step toward sustainable community development in high-growth regions. Setara Juara’s founders, Herman Lee Show Kien and Melvin Lee Ying, will retain a combined 49% stake while continuing to contribute their local expertise. The transaction will be financed through a mix of cash, bank borrowings, and a land swap arrangement.
With regulatory approvals pending, the acquisition is expected to conclude by mid-2025, reinforcing NCT’s long-term commitment to Sabah’s real estate sector. The partnership aims to enhance Kota Kinabalu’s urban landscape while delivering lasting economic value to the region.