“White knight” sees potential in abandoned projects amid Covid-19 challenges

KUALA LUMPUR: NCT Group of Companies remains positive that the strategic plans it has in place will support earnings growth for the next six months to one year.

Founder and managing director Datuk Seri Yap Ngan Choy said despite the challenging period for property industry players, the company had been recording positive sales over the past six months.

This was achieved even during the Movement Control Order (MCO) period in the earlier part of the year, Yap added.

He said in facing the challenging period for industry players, the company, known as the “white knight” of abandoned property projects, had seen opportunities as it might have been a challenge for property developers to complete their projects according to their initial timeline and budget.

“The next six months to a year will be a crucial period, not only for the property sector but also the Malaysian economy to rise back from the slowdown of the economic activities.

“From our standpoint, we are ready to assist the sector in ensuring that projects are completed. Our niche is in abandoned projects and this is a commitment we take seriously for the sake of the buyers,” Yap told the New Straits Times in an interview recently.

Especially at a time like this, he said, buyers should not have to face the burden of incomplete property projects.

“Given our strong track record, we continue uphold the firm commitment demonstrated by these massive rehabilitation projects as we undertake our current and future projects,” he added.

Yap said the company currently has 500 acres in Kuala Langat, Selangor with a gross development value (GDV) of RM3 billion to RM4 billion and 30 acres in Sabah with a GDV of RM1 billion.

He said the company has a few projects in the pipeline, including the highly anticipated launch of Ion Forte Green City and Ion Lake Garden developments.

Source: NST