NCT Alliance seals its first White Knight development

PETALING JAYA: NCT Alliance Bhd (formerly Grand-Flo Bhd), through its wholly owned subsidiary NCT ​​Noble Sdn Bhd, has been proposed by the Insolvency Practitioner to carry out the Plan Proposal to revitalize and complete the development of Phases 2 and 3 of the Genting Valley Project at Batang Kali, Selangor.

Consisting of 168 individual bungalow lots on 79.9 acres of land intended to be part of a rural development, the agreement, following successful appointment under the program, will mark the first direct appointment by NCT ​​Alliance for a reclamation project. Genting Valley was initiated in 2000 with 665 bungalow lots in five phases, namely phases 1, 2, 3, 2A and 2B. However, it was abandoned by the original developer in 2004.

NCT Alliance Executive Chairman and Group Managing Director Datuk Seri Yap Ngan Choy (Picture) said it was encouraged by the progress NCT Alliance had made and that this engagement in Genting Valley was a testament to its expertise as a specialist in the rehabilitation of abandoned projects.

“Together with our real estate development projects including Grand Ion Majestic, Grand Ion Delemen, Mahkota Kampar and Acacia Residences, we are on track to fulfill our vision of becoming one of the top 10 developers in the country.”

Redevelopment work on 73.6 acres of land is underway for Phases 2A and 2B of Genting Valley by NCT ​​Platinum Sdn Bhd, a privately held company of the NCT group of companies. Since the beginning of the rehabilitation program in 2020, NCT Platinum has engaged with the original purchasers of Phase 2A and 2B through a court-approved appointment to complete the rehabilitation reimbursement process. Phases 2A and 2B are scheduled to start by the end of 2021 with an estimated total development value of RM500 million.

Genting Valley is a 20 minute drive from Gohtong Jaya and aims to capitalize on its edge as an affordable property on a sizeable estate as an alternative to the various high rise developments in the area.

“Having a full view of the Genting Valley project remediation effort, we are optimistic about the smooth progression and expect this to be a positive contributor to our revenues in 2023. This is further supported by the Government’s recent announcement of the RM2 billion Home Guarantee Scheme in line with the country’s economic recovery as part of the 2022 Budget. Backed by the Group’s well-established expertise and proven track record in this niche sector, we look forward to it to continue to carry out remediation projects in the near future,” said Yap.