KUALA LUMPUR, Nov 2 — NCT Alliance Bhd (formerly Grand-Flo Bhd), which is being tapped to rehabilitate the abandoned Genting Valley project in Batang Kali, Selangor, targets to launch Phases 2A and 2B with an estimated gross development value of RM500 million by year-end.
The property developer said its unit, NCT Noble Sdn Bhd, had been proposed by the liquidator to undertake the scheme proposal to revive and complete the development of Phases 2 and 3 of the project.
“Comprising 168 individual bungalow plots on about 79.9 acres (32.25 hectares) of freehold land intended as part of a landed residential development, upon successful appointment under the scheme, the arrangement will mark NCT Alliance’s first direct appointment for a rehabilitation project,” it said in a statement today.
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.
NCT Alliance executive chairman and group managing director Datuk Seri Yap Ngan Choy said the project aimed 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 full 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 group’s established expertise and proven track record in this niche sector, we look forward to continue undertaking rehabilitation projects in the near future,” he added. — Bernama
