Raising the bar in modern living
AHOLIDAY getaway perched on the mountains; 6,000 feet above sea level amid lush greenery overlooking serene misty slopes would truly be living a dream. Now, property developer NCT Group is right on schedule to make that dream a reality.
The company recently took possession of 10.2 acres of freehold land in Genting Highlands, slated for the development of a luxury serviced apartment.
But more impressive is the fact that NCT has raised the bar with this development.
Ion Delemen, as the project is named, will be built at the highest point in the highlands. NCT has also revealed that every unit of the development will have a mountain view, allowing residents a panoramic view of the surrounding terrains.
The first of the development’s three phases was launched last year with a gross development value (GDV) of RM230mil. Meanwhile, the project’s second phase was launched recently with a GDV of RM280mil. The third and final phase will be launched in the first half of 2015, and will also include eco-friendly elements.
A sound investment
NCT founder and group managing director Yap Ngan Choy said the development was initially aimed largely at investors with a scheme allowing them to lease their units back to NCT, who will then appoint hospitality management chain Best Western Premier to manage the property.
“Although we originally only targeted investors, some people suggested that they want to own their unit for short stays up in Genting, so we changed the plans in Phases 2 and 3 to suit families and holidaymakers,” he said.
As such, out of the total of 1,001 units slated for the Ion Delemen, only 719 units will be sold to investors. The units will feature 13 designs and will range from 466sq ft to 2,970sq ft.
Reception towards Ion Delemen has been positive. Phase 1 has been fully sold. Investors from Hong Kong, Korea, China and the Middle East constitute for about 30% of the entire buyer-buildup. Meanwhile, half of Phase 2 units have also been sold.
Indeed, their investment will see handsome returns soon. As they say, timing is everything, and NCT has timed the project carefully to ensure the best possible returns for its investors.
“We target to hand over Phase 1 in 2016, which ties in with the opening of the up-and-coming 20th Century Fox theme park, expected to bring in five to six billion visitors per year,” Yap said.
Future returns aside, the property has already seen a considerable increase in value. A year ago, units were sold at RM840 psf but Yap says the current selling price is RM920 psf, comparable with KL city prices.
Understandably enough, building on a mountain-top is no easy feat. Yap admitted that construction costs for Delemen is about 30% higher than the average Klang Valley project.
A host of amenities in a perfect location
Delemen is located in a breezy five-minute drive away from Genting Highlands Resort, with a shuttle service to be provided by NCT. The site is 20 minutes away from the main township in the highlands, Gohtong Jaya.
However, for those who do not want to move about, the Delemen provides five restaurants, gym, spa, sky garden, recreational deck and eco-pavilion, among other modernday facilities.
A function hall with a capacity of 800 pax for sit-down dinners opens up further opportunities for hosting events or weddings. One thousand three hundred car park bays will also be made available for residents and visitors.
Building on heritage
NCT may not be too familiar a name in the property development market. However, it is not “the new kid on the block”.
The developer boasts a brilliant track record in the construction industry with building a myriad of residentials and infrastructure.
Its clientele include SP Setia Bhd, Bandar Eco-Setia Sdn Bhd, Putrajaya Holdings Sdn Bhd and the Urban Wellbeing, Housing and Local Government Ministry.
Yap said NCT’s move into property development is buoyed by its two decades of steady growth in the business of building.
“We want to establish ourselves as a boutique developer,” he said.
NCT started business in 1985 in the tiling industry before venturing into construction in the late 1990s and property development in 2006. Today, its tiling business is concentrated for in-house projects, complementing its larger operations in construction and property development.
NCT’s current order book in the construction business amounts to RM200mil. However, from this year onwards, property development will be the group’s mainstay, contributing an estimated RM200mil or 65% of the group revenue.
Positive outlook
“Although the local sentiment in the property market is weaker this year, demand for luxury property, especially outside the Klang Valley, remains strong,” Yap said. “Malaysia is really attractive for foreign investors and a lot of them are coming in.”
For details, look out for NCT’s advertisement in this StarSpecial.