NCT Group and CRS Corporate Services Sdn Bhd held a Cheque Handover Ceremony for the Genting Valley Batang Kali Abandoned Project at Menara NCT. 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. The refund process involves handing over of bank drafts amounting to approximately RM15.5mil to 266 buyers. 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 plan on display for Phase 2A and 2B, it is beautiful and promising.”
His statement was echoed by three other buyers, namely Mr Fam, Ms Sara and Mr Arul who were very touched by today’s event. They had nearly lost all hope but thanks to NCT Group and CRS, they finally saw some light at the end of the tunnel. 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 expressed their gratitude to both NCT Group and CRS for ending their seventeen year ordeal.
NCT Group’s Founder and Managing Director, Dato’ Sri Yap Ngan Choy shares, “We are excited to be on board this rehabilitation project and to have the chance to do what we do best. I would like to thank the buyers for entrusting us. Today marks a new beginning for all of them.”
The first stage of the scheme had been successfully rolled out, giving majority of the buyer’s closure to a seventeen year old heartache and misgivings. In the coming months, the remaining buyers will be in anticipation of the second stage where the revival plan is due to be revealed, giving a glimpse into the next 4 years when the project is due to complete.