Hope at the end of the tunnel for buyers of the abandoned Genting Valley project

The first instalment of RM1.4 million has been paid to buyers of Phases 2 and 3 of the abandoned Genting Valley Batang Kali project, also known as The Genting Valley.

A check handover for the purchasers of the project in Mukim Batang Kali, Hulu Selangor, was recently held by the property developer NCT Noble Sdn Bhd and the scheme manager CRS Corporate Services Sdn Bhd.

According to a statement from NCT, the buyers got their first instalment of the refund sum through a scheme of arrangement in accordance with Section 366 of the 2016 Companies Act.

The restoration project shows the company's strength and competence in this industry, said NCT group founder and managing director Datuk Seri Yap Ngan Choy.

"We are pleased to be on board for this rehabilitation project and to be given the opportunity to do what we do best," he said.

The Genting Valley is a residential development spread across 82.96 hectares with 665 bungalow plots distributed over five phases (1, 2, 3, 2A, and 2B).

The project was started in 2000, but the original developer abandoned it four years later.

After an expression of interest exercise ended on August 5, 2017, NCT was given the go-ahead to resurrect the project due to its track record as the "White Knight" and strong financial results.

The developer has been involved in resuming abandoned projects since 2010.

Posted on: 15th November 2022

Source: New Straits Times