KUALA LUMPUR: MCT Consortium Bhd is set to launch RM3.6bil of affordable residential property projects in Subang Jaya and Cyberjaya.
Its managing director Datuk Seri Tong Seech Wi said on Friday the landed property projects would be priced between RM500,000 and RM700,000 each. The other half would be serviced apartments priced up to RM500,000.
MCT Consortium’s current focus would be on affordable housing within this price range due to current soft commercial property outlook.
Tong was speaking to reporters after GW Plastics Holdings Bhd’s shareholders gave their approval for the reverse takeover by MCT Consortium at Thursday’s EGM.
He pointed out the projects would be carried out in phases and they would hinge on the market outlook for residential projects.
“Our strategy is to focus on long-term gain and not short-term,” he said about MCT Consortium which has a total gross development (GDV) of RM9.43bil of projects.
MCT Consortium will focus on the affordable market sector to deliver quality products in strategic locations such as Cyberjaya.
“We are optimistic as demand for landed properties and products in the affordable market segment have been resilient, especially in the Greater KL area. Cyberjaya stands to benefit from improvements in accessibility and infrastructure, and our properties are located in close enough proximity to Putrajaya, KLIA and KLIA 2,” he said.
MCT Consortium chairman and co-founder, Tan Sri Barry Goh Ming Choon said the company, which started as a builder in 1999, has successfully transformed to become a property developer and asset owner.
“The adjusted net assets of MCT Consortium stands at RM1.154bil while the market value of the real properties has been appraised by independent valuers at RM1.47bil,” it said.
MCT Consortium has leveraged on its modular construction technique and design-and-build capacities; and successfully completed five property development projects in USJ One Avenue and its flagship development, One City since 2004, totalling over RM1bil in GDV. Both of these projects are in USJ, Subang Jaya.
Of the RM9.43bil worth of projects, MCT Consortium completed projects with a total GDV of RM1.08bil spread over 16.2 acres in Subang Jaya, including USJ One Avenue and Park Residence @ USJ One Avenue.
Its on-going projects have a GDV of RM2.26bil covering 37.1 acres and future projects with a GDV of RM6.09bil over 183.8 acres.
Tong said its OneCity development in USJ 25, Subang Jaya, had a GDV of RM4.227bil and is spread over 28 acres. It is an integrated mixed commercial and leisure development.
The Cyberjaya projects include the Lakefront @ Cyberjaya with a GDV of RM2.69bil and over 60 acres. The mixed development will have landed and high-rise residences amid a lake-front setting.
Sky-Park @ Cyberjaya has a GDV of RM1.09bil and the 11 acres site will have mixed resident, commercial and leisure development units.
He said that the The Place @ Cyberjaya, with a GDV of RM239mil, is nearing completion. The project, which covers three acres, is a mixed residential and commercial development of office suites/ small office and home office (SOHO) towers and retails space.
Its CyberSouth project is in Dengkil, Selangor with phase one having a GDV of RM994mil where there is a mixed development township covering 128 acres.
Its future phases in CyberSouth will cover 289 acres and there are plans for a mixed development including commercial and condominiums.
Source : The Star Online
Friday, 16 January 2015
By: JOSEPH CHIN