Cheque Handover Ceremony for the Genting Valley Batang Kali Abandoned Project at Menara NCT last week. Image from: NCT Group

Property Developer, NCT Platinum Sdn Bhd (NCT Group) and financial advisory firm, CRS Corporate Services Sdn Bhd (CRS) held a Cheque Handover Ceremony for the Genting Valley Batang Kali Abandoned Project at Menara NCT last week. The ceremony was attended by Dato’ Sri Yap Ngan Choy, Founder and Managing Director of NCT Group, Dato’ Joe Yap Fook Choy, Co-Founder and Executive Director of NCT Group, Mr. Chu Siew Koon, Executive Director of CRS and Mr. James Chang, Senior Sales & Marketing General Manager of NCT Group.

The ceremony marks an auspicious day where buyers of a seventeen year old abandoned housing project called The Genting Valley received their refund sum from a successful revival and rehabilitation scheme of arrangement under Section 366 of the Companies Act 2016. Taking place from 6th to 13th January 2021 at Menara NCT in Puchong, the refund process involves handing over of bank drafts amounting to approximately RM15.5mil to 266 buyers of Phase 2A & 2B of the project.

The rehabilitation scheme is under the purview of Mr. Wong Ching Yong, the liquidator for the developer of the project, spearheaded by the administrative team at CRS which is led by its Executive Director, Mr Chu Siew Koon and in synergy with NCT Group as the White Knight of the project.

Speaking on behalf of the buyers group, Dato’ Aziz commented “The choice of NCT as the White Knight developer to undertake the rehabilitation of the abandoned project by CRS is based on NCT’s positive track record as an experienced developer renowned for its ability to deliver. NCT agreed to rehabilitate the abandoned project and gave the purchasers of Phase 2A and 2B two choices - to participate in the rehabilitation scheme with some additional costs or to opt out by surrendering their plots of land in the abandoned project in return for a full refund. I am one of the purchasers of Phase 2B and I have chosen to opt out for reasons of my own. At today’s ceremony, NCT kept their words and handed over the cheque to me and other buyers who opted out of the deal. At the ceremony I saw the artist’s impressions of the proposed rehabilitation plan on display for Phase 2A and 2B, it is beautiful and promising.”

Three other buyers, namely Mr. Fam, Ms. Sara, and Mr. Arul, echoed his point. They had almost lost all hope, but they eventually saw some light at the end of the tunnel, thanks to NCT Group and CRS. Mr. Arul also cautioned buyers to conduct an in-depth study on the developer or sub-contractor of any project that they choose to invest in, to spare them the heartache that he had endured. Mr. Fam and Ms. Sara also expressed their gratitude to both NCT Group and CRS for ending their seventeen year ordeal.

The Genting Valley is a residential development of 665 bungalow plots over five phases i.e. Phase 1, 2, 3, 2A & 2B across 205.1 acres of land in Mukim Batang Kali, Hulu Selangor. This project commenced in 2000 but due to cash flow difficulties, building works had stopped in 2004 and was since abandoned. On 24th January 2007, the Court had ordered the developer for the project - Jade San Realty Sdn Bhd to be wound up. It was the liquidator’s initial intention to formulate a scheme to revive and complete the 5 phases. However, due to certain legal impediments, it would be more practical to rehabilitate the project in phases.

NCT Group was successfully named as the White Knight to take on the project after completing an Expression of Interest Exercise on 5 August 2017 with its strong track record and solid financial history. By rehabilitating Malaysia's mega-abandoned housing development since 2010, the NCT Group has paved its way to the top-tier property development market.

NCT Group was responsible for reviving the largest abandoned project in Malaysia located in Bandar Baru Salak Tinggi, where the company aided 713 buyers and the largest abandoned project in Pahang, where 339 buyers were assisted and is now home to the company's award-winning hotel in Genting Highlands, Grand Ion Delemen.

NCT Group’s Founder and Managing Director, Dato’ Sri Yap Ngan Choy shared, “We are excited to be on board this rehabilitation project and to have the chance to do what we do best. I would like to thank the buyers for entrusting us. Today marks a new beginning for all of them.”

With all elements in place, on 7 December 2019, a scheme to revive and complete Phase 2A & 2B of the project had garnered an overwhelming 96.4% in support from the buyers attending and voting at the Court Convened Meeting under Section 366 of the Companies Act 2016. In this scheme, the buyers will be able to continue with their purchase with an additional contribution sum to obtain the individual title for their plot in a ready to build condition. Alternatively, buyers who wish to exit the purchase will receive a refund of 100% amount paid to the Company for their purchase.

Today, we see the first stage of the scheme rolled out in success, giving majority of the buyer’s closure to a seventeen year old heartache and misgivings. In the coming months, the remaining buyers will be in anticipation of the second stage where the revival plan is due to be revealed, giving a glimpse into the next 4 years when the project is due to complete.

(11 January 2021)