News: Buyers of Genting Valley Abandoned Project Finds Closure After 17-Year Heartache

Jan 12, 2021

Buyers of the Genting Valley Batang Kali abandoned project at Batang Kali, Hulu Selangor can now breathe a sigh of relief.

This comes as the rehabilitation and revival of the abandoned project is now progressing well, according to a New Straits Times (NST) report.

Genting Valley was intended as a residential development project comprising 665 bungalow plots that will be built over five phases – Phase 1, 2, 3, 2A and 2B – on 205.1 acres of land.

The project’s developer, Jade San Realty Sdn Bhd, commenced works on the project in 2000. However, it stopped building works in 2004 due to cash flow difficulties and has since abandoned it.

On 24 January 2007, the Court ordered Jade San Realty Sdn Bhd to be wound up.

And while the liquidator has planned to revive and complete the project, it was not able to do so due to some legal impediments.

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Thereafter, NCT Group was identified as the white knight that will take on the abandoned project.

NCT had agreed to rehabilitate the project, giving the buyers of Phase 2A and 2B two options – to opt out of the project by surrendering their land plots in exchange of a full refund or to participate in the rehabilitation scheme with some additional costs.

Last week, 266 buyers of Phase 2A and 2B received cheques refunding them of their payments.

“We see the first stage of the scheme rolled out in success, giving the majority of the buyer’s closure to a 17-year-old heartache and misgivings,” said NCT founder and group managing director Datuk Sri Yap Ngan Choy as quoted by NST.

The rest of the buyers will be looking out for the second stage of the scheme, when the revival plan will be revealed, said Tan.

Renamed as Ion Lake Garden, the project will feature double-storey homes, semi-detached houses and shop offices across five precincts. It is set to be completed in the next four years.

 

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Alex Lee
DF REALTY SDN. BHD.
leecheesiong28@yahoo.com.my
(+60) 11-26138628