Property Developer, NCT Noble Sdn Bhd (NCT) and Scheme Manager, CRS Corporate Services Sdn Bhd (CRS) held a Cheque Handover Ceremony for Phase 2 & 3 Purchasers of the Genting Valley Batang Kali Abandoned Project at Menara NCT today. The ceremony was attended by Dato’ Sri Yap Ngan Choy, Group Managing Director of NCT Alliance, Dato’ Joe Yap Fook Choy, Group Executive Director of NCT Alliance, and Mr Chu Siew Koon, Executive Director of CRS.
The ceremony marks an auspicious day where a group of buyers of an eighteen year old abandoned housing project called The Genting Valley received their first instalment of the refund sum via a scheme of arrangement under Section 366 of the Companies Act 2016. The refund process involves handing over of cheques amounting to approximately RM1.4 million to 147 Phase 2 and 3 buyers of the project. The sanctioned 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 as the White Knight of the project.
The Genting Valley is a residential development of 665 bungalow plots over five phases i.e. Phase 1, 2, 3, 2A and 2B across approximately 205 acres of project 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, and at the behest of the purchasers, the liquidator had taken steps to rehabilitate the project in phases.
Upon completing an Expression of Interest Exercise on 5th August 2017, NCT with their good track record and solid financial background had been successfully identified as the White Knight to take on the project. 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 was responsible in reviving Malaysia’ biggest abandoned project located in Bandar Baru Salak Tinggi where the company helped 713 number of purchasers, as well as Pahang’s largest abandoned project, where 339 number of purchasers were assisted.
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.”
The event today follows the first successful implementation and completion of a Court sanctioned scheme for Phase 2A & 2B of the Genting Valley Project in January 2021, where a total of 292 buyers had received 100% refund of their total amount paid for their purchase.
Following the success of Phase 2A & 2B, the liquidator, NCT and the purchasers committee of Persatuan Pembeli-Pembeli Genting Valley had pushed on to put together a scheme for Phase 2 & 3. The proposed scheme was in culmination since 2021 and it was put to vote in a Court Convened Meeting on 24 April 2022 where 88.3% of purchasers present and voting, supported the scheme. The scheme was then sanctioned by the High Court for implementation on 1st June this year.
The Phase 2 & 3 Scheme allows purchasers to opt for a 100% cash refund of the total amount paid to their plots, in which they will be paid by instalment within 3 years by NCT. Alternatively, they can opt to utilised their 100% cash refund plus an additional 10% as part payment to purchase a unit in the newly launch development known as Ion Belian Garden by the NCT Group. Set to be the largest township in the Northern part of Selangor, the development of Ion Belian Garden is conceptualised as the city’s eminent residential and commercial address, striking a perfect balance of finest urban lifestyle, business and leisure surrounded by nature. The first phase of Ion Belian Garden will consist of five precincts namely, Precinct A,B,C,D and E, made up of 149 units of single-storey terrace house, 1,009 units of two-storey terrace houses and 9 units of two storey shop offices.
