NCT reimburses homebuyers for failed housing project 😉
Puchong, Malaysia, 6 January 2021 – 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 today. 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. The refund process involves handing over of bank drafts amounting to approximately RM15.5mil to 266 buyers of Phase 2A & 2B of the project, which took place from 6th to 13th January 2021 at Menara NCT in Puchong. 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.”
His statement was echoed by three other buyers, namely Mr Fam, Ms Sara and Mr Arul who were very touched by today’s event. They had nearly lost all hope but thanks to NCT Group and CRS, they finally saw some light at the end of the tunnel. 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 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 year 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 intension 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.
Upon completing an Expression of Interest Exercise on 5th August 2017, NCT Group with their good track record and solid financial background had been successfully identified as the White Knight to take on the project. NCT Group paved its way to the top-tier of property development sector through the rehabilitation of Malaysia’s mega abandoned housing development since 2010. NCT Group was responsible in reviving Malaysia’ biggest abandoned project located in Bandar Baru Salak Tinggi where the company helped 713 number of purchasers and Pahang’s largest abandoned project, where 339 number of purchasers were assisted and is now home to the company’s award-winning hotel, Grand Ion Delemen in Genting Highlands.
NCT Group’s Founder and Managing Director, Dato’ Sri Yap Ngan Choy shares, “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 of 96.4% in support from the buyers attending and voting at the Court Convened Meeting under Section 366 of the Companies Act2016. 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.
About NCT Group of Companies
The story of NCT Group of Companies began in 1985, with the founding of NCT Tiling Sdn. Bhd. and its subsequent venture into the tiling sector, offering tiling products which meet global quality and environmental standards. Then, in 1998, NCT ventured into construction, real estate and building materials trading upon realising the immense prospects the sectors have to offer. A decade later, NCT transformed into a full-fledged property developer. After years of having honed its competency in the property development sector, NCT paved its way to the top-tier of property development sector through the rehabilitation of Malaysia’s mega abandoned housing development since 2010. NCT further expanded into the hospitality industry upon establishing the five-star Grand Ion Delemen Hotel in the world-renowned travel hotspot of Genting Highlands.