PETALING JAYA: NCT Alliance Bhd (formerly Grand-Flo Bhd), through its wholly-owned subsidiary NCT Noble Sdn Bhd, has been proposed by the liquidator to undertake the scheme proposal to revive and complete the development of Phases 2 and 3 of the Genting Valley project in Batang Kali, Selangor.
Comprising 168 individual bungalow plots on 79.9 acres of freehold land intended to be part of a landed residential development, upon successful appointment under the scheme, the arrangement will mark NCT Alliance’s first direct appointment for a rehabilitation project. Genting Valley was initiated in 2000 with 665 bungalow plots over five phases, namely Phases 1, 2, 3, 2A & 2B. However, it was abandoned by the initial developer in 2004.
NCT Alliance executive chairman and group managing director Datuk Seri Yap Ngan Choy (pix) said it is encouraged by the progress made by NCT Alliance and this involvement in Genting Valley is testament to its expertise as a specialist in the rehabilitation of abandoned projects.
“Coupled with our property development projects, including Grand Ion Majestic, Grand Ion Delemen, Mahkota Kampar, and Acacia Residences, we are on track towards realising our vision of becoming one of the top 10 developers in the country.”
Rehabilitation work on 73.6 acres of land is under way for Phases 2A and 2B of Genting Valley by NCT Platinum Sdn Bhd, a privately owned entity under the NCT group of companies. Since the rehabilitation scheme started in 2020, NCT Platinum undertook a bond with the initial purchasers of Phases 2A and 2B via a court sanctioned appointment to complete the refund process for the rehabilitation exercise. Phases 2A and 2B are targeted for launch by end-2021, with a total estimated gross development value of RM500 million.
Located within a 20-minute drive from Gohtong Jaya, Genting Valley aims to capitalise on its edge as an affordable landed property on sizeable freehold land as an alternative to the various high-rise developments in the vicinity.
“Having a full perspective of the rehabilitation exercise of the Genting Valley project, we are optimistic of the smooth progress and expect this to contribute positively to our earnings in 2023. This is further supported by the government’s recent announcement of the RM2 billion housing guarantee scheme in line with the nation’s economic recovery as part of Budget 2022. Backed by the group’s established expertise and proven track record in this niche sector, we look forward to continue undertaking rehabilitation projects in the near future,” Yap said.
