NCT Alliance Expands into Sabah with RM3.4 Billion Ion Marina Bay Mixed Development
NCT Alliance Bhd is making a bold move to strengthen its presence in East Malaysia with the acquisition of a 51% equity stake in Sabah-based property developer Setara Juara Sdn Bhd for RM22 million. This strategic partnership paves the way for the development of Ion Marina Bay, a high-impact, mixed-use township in Putatan, Sabah, with a projected gross development value (GDV) of RM3.4 billion.
In a filing with Bursa Malaysia, NCT Alliance confirmed that the acquisition will be executed by its wholly owned subsidiary NCT Panorama Sdn Bhd, through a conditional Sale of Shares Agreement (SSA) signed with Setara Juara shareholders Herman Lee Show Kien and Melvin Lee Ying.
Ion Marina Bay: A New Landmark Near Kota Kinabalu
The 249.67-acre development site is strategically located just 2km from the Putatan Town Centre and 5km from Kota Kinabalu International Airport (KKIA). Designed as a self-sustaining integrated township, Ion Marina Bay will feature a blend of residential, commercial, and lifestyle elements.
The project will be rolled out in phases over nine years, from 2025 to 2033, bringing long-term economic benefits and urban growth to the surrounding region.
According to Datuk Seri Yap Ngan Choy, Executive Chairman and Group Managing Director of NCT Alliance:
“This agreement marks another key milestone in NCT’s expansion into Sabah, reinforcing our vision of building sustainable communities in high-growth regions.”
How the Deal Is Structured
The RM22 million purchase will be funded through a hybrid model:
- RM8.8 million in cash (via internal funds or bank borrowings)
- RM13.2 million via land contra, though the group has not disclosed which parcel of land will be used
Following the deal, Setara Juara will become a 51%-owned subsidiary of NCT Panorama, and in turn, an indirect subsidiary of NCT Alliance. Herman Lee and Melvin Lee will each retain a 24.5% stake and continue their involvement in the project’s planning and execution.
A shareholders’ agreement has also been signed to govern the strategic partnership, ensuring collaboration across all phases of development.
Why Sabah, and Why Now?
NCT Alliance’s latest move is in line with the increasing investment momentum in Sabah, especially with developments like:
- The JS-SEZ (Johor-Singapore Special Economic Zone)
- The expansion of Sabah’s oil and gas and logistics sectors
- Surging infrastructure upgrades and urbanisation
Putatan, in particular, offers strong real estate fundamentals:
- Proximity to KKIA (5km)
- Existing residential and commercial density
- Growing demand from both investors and end-users
This marks NCT’s second project in Sabah, and signifies confidence in the state’s economic and property development outlook.
What This Means for Investors and the Sabah Property Market
With Sabah seeing increased federal and foreign investment, mixed developments like Ion Marina Bay are poised to drive job creation, housing demand, and commercial growth.
Property investors may want to keep a close eye on:
- Launch timelines and pricing strategies
- Investment opportunities in surrounding areas of Putatan and Kota Kinabalu
- Rental demand and tourism spillover effects, especially given KKIA’s proximity
With NCT Alliance’s proven track record in West Malaysia and Setara Juara’s local knowledge, the synergy could unlock tremendous value.
Market Response
Following the acquisition news, shares of NCT Alliance rose by 6.35% to close at 51 sen, pushing its market capitalisation to RM960.59 million. The move has been interpreted by the market as a forward-looking strategy that strengthens NCT’s foothold in East Malaysia and diversifies its GDV pipeline.
