KUALA LUMPUR: NCT Alliance Bhd's subsidiary, NCT Noble Sdn Bhd, has been proposed by a liquidator to undertake the scheme proposal to revive and complete the development of Phases II and III of the Genting Valley project located in Batang Kali, Selangor.
In a statement today, the company said the proposal comprised 168 individual bungalow plots on about 32.3ha freehold land intended as part of a landed residential development.
The arrangement will mark NCT Alliance's first direct appointment for a rehabilitation project upon successful appointment under the scheme.
The Genting Valley project was initiated in the year 2000 in Batang Kali with 665 bungalow plots over five phases, namely Phase 1, 2, 3, 2A & 2B, however it was abandoned by the initial developer in 2004.
Executive chairman and group managing director Datuk Seri Yap Ngan Choy said the company was encouraged by the progress of NCT Alliance, and this first involvement in the Genting Valley Project was a testament to the confidence in its expertise as a specialist in the rehabilitation of abandoned projects.
"Coupled with our property development projects, including Grand Ion Majestic (GIM), Grand Ion Delemen (GID), Mahkota Kampar, and Acacia Residences, we are on track towards realising our vision of becoming one of the Top 10 developers in the country," he said.
NCT Alliance said rehabilitation work on 30ha of land is currently underway for Phases 2A and 2B of the Genting Valley project by NCT Platinum Sdn Bhd (NCT Platinum), a privately owned entity under the NCT group of companies.
Since the rehabilitation scheme commenced 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.
Strategically located within a 20-minute drive from Gohtong Jaya, surrounded by lush greenery and nature, the Genting Valley project offers a serene and conducive living environment.
The project 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 complete 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 company's established expertise and proven track record in this niche sector, we look forward to continuing undertaking rehabilitation projects in the near future."