KUALA LUMPUR: NCT Group of Companies, a boutique property developer, is banking on booming tourism in Melaka and Genting Highlands for growth amid real estate glut in Malaysia.
Founder and group managing director Datuk Seri Yap Ngan Choy said as one of the biggest revenue contributors to Malaysia, tourism industry is expected to continue experiencing robust growth and this would bode well for the property firm.
"I am confident that there will be plenty of opportunities for NCT to capture in the industry. We look forward to helping grow the industry while growing alongside it," he said in an interview recently.
Yap said NCT had several new developments in the pipeline, especially in Melaka and Genting Highlands to ride on the booming tourism.
In Genting Highlands, he said, the developer would have a total of 3,000 rooms by 2023 to accommodate higher influx of tourists when Genting outdoor theme park opens by the third quarter of next year.
"We are already well on our way to widen our foothold in Genting Highlands. First, we have the Grand Ion Delemen, a five-star luxury boutique serviced apartment.
"We also have Gloria Residences, a chic hotel residences and G-Luxe by Gloria which will have its soft opening on November 11, 2019. On top of that, we are also developing the RM1.3 billion Grand Ion Majestic, 1,885-units, that is located right next to Grand Ion Delemen," Yap said.
"The increase in visitors would potentially translate to a higher occupancy rate for us," he added.
Meanwhile in Melaka, Yap said the firm would be involved in a refurbishment project of the Melaka Planetarium, construction of which will likely commence by the first quarter of next year.
NCT also plans to develop the Ayer Keroh Country Club (AKCC), which is located a mere 10 minutes away from the Ayer Keroh toll, a good selling point to attract tourists to Melaka.
"As a country club, the AKCC will comprise amenities such as F&B, golfing, leisure and entertainment facilities, sports facilities and banquet facilities," Yap said.
It will also include medical and healthcare facilities and water theme park, he added.
Yap said it would still take some time before the proeprty market sees any significant growth due to the overhang issue.
He said steady economic growth, a fresh housing policy and incentives to boost affordable housing will continue to keep the property market resilient.