Property360Digest E-MAGAZINE Issue #8 | Page 34

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 .