MCT expects to deliver RM1.2b GDV projects in 2020

by HARIZAH KAMEL / graphic by MZUKRI

MCT Bhd expects 2020 to be a milestone for the company in terms of handing over four completed projects with a combined gross development value (GDV) of RM1.2 billion.

Two projects have been successfully delivered with another two projects scheduled for a handover soon.

CEO Teh Heng Chong stated in a press statement last week that over 3,000 units will be delivered to homeowners of Selangorku PR1MA Lakefront Homes and Lakefront Residence Phase 2 at Lakefront in Cyberjaya, and Casa Bluebell and Casa Wood at Cybersouth within this year.

He added that the group remains focused on the affordable to mid-tier residential market in the Greater Klang Valley region with a high population catchment, where transport links and public facilities are well provided for.

“We intend to spread our portfolio of developments to various growth corridors, expanding from our existing base in Cyberjaya and Cybersouth,” he noted in the statement.

MCT recently launched two new projects in Cyberjaya, namely Casa Bayu and PR1MA Shops in Lakefront. The group is also gearing towards the launch of Aetas, Damansara and Alira at Subang Jaya towards the end of 2020 with a total GDV amounting to over RM1 billion.

Last year, MCT placed a strong emphasis on restructuring and reorganising its overall operations and establishing strategic objectives to be achieved by the year 2025, as it transitions towards becoming a full-fledged property development company.

Despite the challenging market conditions for its financial year ended Dec 31, 2019 (FY19), MCT recorded a revenue of RM459 million versus RM331 million in FY18, driven by high completion rates.

MCT’s aggressive approach to complete and deliver projects resulted in the company recording profit after tax of RM46 million for FY19.

Its cash and bank balance at end of 2019 stood at RM470 million, up from RM344 million in FY18, mainly from the higher completion rates of its ongoing projects.

Formerly known as GW Plastics Holdings Bhd, MCT intends to reap steady gains from its healthy landbank, and ongoing and upcoming developments in new and different locations.

Of the 317.3 acres (128.4ha) of landbank, MCT has allocated 258.5 acres for future developments and is set to generate a GDV of RM12.6 billion from ongoing and future developments that will help secure its revenue stream moving forward.

“We aim to replenish our landbank in order to have a clear and sustainable growth plan. This remains one of our top priorities moving into 2021 as we have set land acquisitions targets in specific locations in established growth corridors in the Klang Valley,” said Teh.

MCT’s shares closed at 16.5 sen a share yesterday, giving it a market capitalisation of RM240 million.