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NCT refunds buyers of abandoned project The Genting Valley

  • 2 months ago
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Property developer NCT Noble Sdn Bhd handed over the first instalment of refunds to purchasers of Phase 2 and 3 of the abandoned project called The Genting Valley Batang Kali, recently.

The cheque handover ceremony, held by NCT and Scheme Manager, CRS Corporate Services Sdn Bhd (CRS), marks a significant day for the purchasers of the previously abandoned project as they received the first instalment of the refund sum via a scheme of arrangement under Section 366 of the Companies Act 2016.

The refund process involves the handing over of cheques amounting to approximately RM1.4 million to 147 Phase 2 and 3 buyers of the project.

NCT Group’s founder and managing director Datuk Seri Yap Ngan Choy said this exercise certainly demonstrates the company’s strength and capabilities in project rehabilitation.

“We are pleased to be on board for this rehabilitation project and to be given the opportunity to do what we do best… I would like to thank the buyers for entrusting us,” he said.

He said that the event follows the first successful implementation and completion of a Court sanctioned scheme for Phase 2A and 2B of The Genting Valley project in January 2021, where a total of 292 buyers received a 100% refund of the total amount paid for their purchase.

The Genting Valley project, which was initiated in 2000, is a residential development of 665 bungalow plots over five phases – 1, 2, 3, 2A and 2B across approximately 205 acres of project land in Mukim Batang Kali, Hulu Selangor.

The project was abandoned by the initial developer in 2004 and NCT, given its strong track record as the “White Knight” and solid financial performance, was entrusted to revive the development upon the completion of an Expression of Interest Exercise on Aug 5, 2017.

“Following the success of Phases 2A and 2B, the liquidator, NCT, and the purchasers committee of Persatuan Pembeli-Pembeli Genting Valley pushed ahead with a scheme for Phases 2 and 3,” NCT said.

The proposed scheme, which had been in the works since 2021, had 88.3% of the purchasers supporting the scheme and was then sanctioned by the High Court for implementation on June 1 this year.

The Phase 2 and 3 Scheme allows purchasers to opt for a 100% cash refund of the total amount paid for their plots, which will be paid by instalments within three years by NCT.

Alternatively, NCT said, purchasers can opt to utilise their 100% cash refund plus an additional 10% as part payment to purchase a unit in the newly launched 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 houses, 1,009 units of two-storey terrace houses and nine units of two-storey shopoffices.

NCT has paved its way to the top tier of the property development sector through the rehabilitation of mega abandoned housing developments since 2010 and was responsible for reviving the country’s biggest abandoned project, located in Bandar Baru Salak Tinggi, where the company helped 713 purchasers, as well as Pahang’s largest abandoned project, where 339 purchasers were assisted.

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