NEWS
Cheque Handover Ceremony for Abandoned Genting Valley Project
33
By Sarah Rae
Property Developer , NCT Platinum Sdn Bhd ( NCT Group ) and financial advisory firm , CRS Corporate Services Sdn Bhd ( CRS ) held a Cheque Handover Ceremony for the Genting Valley Batang Kali Abandoned Project at Menara NCT recently . The ceremony was attended by Dato ’ Sri Yap Ngan Choy , Founder and Managing Director of NCT Group , Dato ’ Joe Yap Fook Choy , Co- Founder and Executive Director of NCT Group , Mr . Chu Siew Koon , Executive Director of CRS and Mr . James Chang , Senior Sales & Marketing General Manager of NCT Group .
The |
ceremony |
marks |
an |
auspicious day where buyers |
of |
a |
seventeen |
year |
old |
abandoned housing project |
called |
The |
Genting |
Valley |
received |
their |
refund |
sum |
from a successful revival and |
rehabilitation |
scheme |
of |
arrangement under Section |
366 of the Companies Act |
2016 . Taking place from 6th |
to |
13th |
January |
2021 |
at |
Menara NCT in Puchong , the |
refund |
process |
involves |
handing over of bank drafts |
amounting to approximately |
RM15.5mil to 266 buyers of |
Phase |
2A |
& |
2B |
of |
the |
project . |
|
|
|
|
|
The rehabilitation 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 Group as the White Knight of the project .
The rehabilitation 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 Group as the White Knight of the project .
Speaking on behalf of the buyers group , Dato ’ Aziz commented “ The choice of NCT as the White Knight developer to undertake the rehabilitation of the abandoned project by CRS is based on NCT ’ s positive track record as an experienced developer renowned for its ability to deliver . NCT agreed to rehabilitate the abandoned project and gave the purchasers of Phase 2A and 2B two choices - to participate in the rehabilitation scheme with some additional costs or to opt out by surrendering their plots of land in the abandoned project in return for a full refund . I am one of the purchasers of Phase 2B and I have chosen to opt out for reasons of my own . At today ’ s ceremony , NCT kept their words and handed over the cheque to me and other buyers who opted out of the deal . At the ceremony I saw the artist ’ s impressions of the proposed rehabilitation
Property360Digest e-magazine Issue # 8 - 2021 plan on display for Phase 2A and 2B , it is beautiful and promising .”
Three other buyers , namely Mr . Fam , Ms . Sara , and Mr . Arul , echoed his point . They had almost lost all hope , but they eventually saw some light at the end of the tunnel , thanks to NCT Group and CRS . Mr . Arul also cautioned buyers to conduct an in-depth study on the developer or sub-contractor of any project that they choose to invest in , to spare them the heartache that he had endured . Mr . Fam and Ms . Sara also expressed their gratitude to both NCT Group and CRS for ending their seventeen year ordeal .
The |
Genting |
Valley |
is |
a |
residential development |
of |
665 bungalow plots over five |
phases i . e . Phase 1 , 2 , 3 , 2A |
& 2B across 205.1 acres of |
land in Mukim Batang Kali , |
Hulu Selangor . This project |
commenced in 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 |
intention |
to formulate a scheme to |
revive and complete the 5 |
phases . |
However , |
due |
to |
certain legal impediments , it |
would be more practical to |
rehabilitate |
the |
project |
in |
phases . |
|
|
|