One of the buyers receiving his full refund.

SELANGOR: White Knight specialist NCT Platinum Sdn Bhd (NCT) has taken on the task of reviving the 17-year-old abandoned housing project, The Genting Valley. Together with financial advisory firm CRS Corporate Services Sdn Bhd (CRS), the property developer recently held a cheque handover ceremony to refund the affected buyers.

About RM15.5mil was handed over to the 266 buyers of Phases 2A and 2B of the project. The Genting Valley was a residential development of 665 bungalow plots over five phases across 205.1 acres of land in Mukim Batang Kali, Hulu Selangor. Commenced in 2000, its construction stopped in 2004 and was eventually abandoned due to cash flow difficulties. On Jan 24, 2007, the court ordered the developer of the project, Jade San Realty Sdn Bhd to be wound up.

The liquidator’s initial intention was to formulate a scheme to revive and complete the five phases. However, due to certain legal impediments, it was more practical to rehabilitate the project in phases, beginning with Phases 2A and 2B. Purchasers were given two choices. They could participate in the rehabilitation scheme with some additional costs or opt-out by surrendering their plots of land in the abandoned project in return for a full refund.

NCT managing director Datuk Yap Ngan Choy said: “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 handover ceremony marks the first stage of the scheme, giving closure to the majority of buyers. The second stage of the revival plan is due to be revealed in the coming months, where buyers will be given a glimpse into the next four years when the project is due for completion.

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