NCT Alliance to revive and complete Phases 2 and 3 of Genting Valley

KUALA LUMPUR (Nov 2): NCT Alliance Bhd (formerly known as Grand-Flo Bhd), through its wholly-owned subsidiary NCT Noble Sdn Bhd (formerly known as Grand-Flo Noble Sdn Bhd) is set to revive and complete the development of Phases 2 and 3 of the Genting Valley project in Batang Kali, Selangor.

This arrangement will mark NCT Alliance's first direct appointment for a rehabilitation project.

The two phases will comprise 168 individual bungalow plots situated on nearly 80 acres of freehold land intended as part of a landed residential development.

The Genting Valley project commenced in 2000 with 665 bungalow plots over five phases (1, 2, 3, 2A and 2B). However, it was abandoned by the initial developer, Jade San Realty Sdn Bhd, in 2004 and the Court had ordered the developer to wound up back in Jan 2007.

“We are encouraged by the progress by NCT Alliance and this first involvement in the Genting Valley Project is a testament to the confidence in our expertise as a specialist in the rehabilitation of abandoned projects.

"Coupled with our property development projects, including Grand Ion Majestic and Grand Ion Delemen (both in Genting Highlands, Pahang); Mahkota Kampar (Preak), and Acacia Residences (Sepang, Selangor), we are on track towards realising our vision of becoming one of the Top 10 developers in the country," NCT Alliance executive chairman and group managing director Datuk Seri Yap Ngan Choy said in a media statement today. 

He added that by having a full perspective of the rehabilitation exercise of the Genting Valley project, the company is optimistic of the smooth progress and expect this to contribute positively to its 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," noted Yap.

Meanwhile, rehabilitation work on 73.6 acres of land is currently underway for Phases 2A and 2B of the Genting Valley project by NCT Platinum Sdn Bhd, a privately-owned entity under the NCT Group of Companies.

Since the rehabilitation scheme commenced in 2020, NCT Platinum undertook a bond with the initial purchasers of Phases 2A and 2B via a court-sanctioned appointment to complete the refund process for the rehabilitation exercise.

Phases 2A and 2B are targeted for launch by end-2021, with a total estimated gross development value of RM500 million.

Strategically located within a 20-minute drive from Gohtong Jaya, the project aims to position itself as an affordable landed property on sizeable freehold land as an alternative to the various high-rise developments in the vicinity.

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