MCT to focus on affordable housing in Klang Valley

KUALA LUMPUR (April 6): Freshly-listed MCT Bhd will focus on developing affordable housing in the Klang Valley in the near term.

Despite the soft property market sentiment, MCT's CEO Datuk Seri Tong Seech Wi said the integrated property developer has lined up RM3.9 billion worth of property projects that are priced RM700,000 and below.

"Out of this RM3.9 billion, almost 56% are priced below RM500,000," he told reporters at MCT's listing ceremony today.

"So we believe that given the current soft sentiment and our product pricing, we should be able to ride through this difficult period," he added.

Although the Klang Valley will remain as MCT's priority, Tong said MCT will "not stop looking" to expand beyond that market area.

MCT has ongoing projects with gross development value (GDV) of RM2.26 billion and future projects with GDV of RM6.72 billion sitting on 228 acres of land.

The firm still has 296 acres of remaining landbank with GDV yet to be finalised.

Of the 296 acres, MCT executive director Lim Kok Boon said the property projects are still at the planning stage on the right product mix.

Meanwhile, Tong is open to the idea of a joint venture with anchor investor and Philippines-based property developer Ayala Land, which has a 9.16% equity stake in MCT.

"That is a possibility. If there is any venture that can add value to MCT, we will definitely consider it," he said.

Today, MCT debuted on the Main Market of Bursa Malaysia at RM1.43, up 11.7% from IPO price of RM1.28, on trades of 253,300 shares.

At 11.59am, MCT jumped 5.47% or seven sen to RM1.35 with 9.99 million shares done.