MCT to focus on affordable housing development in Klang Valley
The developer will, however, carefully consider current and emerging market trends before making any moves
By TMR / Pic source avaland.com.my
MCT Bhd plans to focus on catering to the wider demography within the Klang Valley by providing mid-range and affordable housing projects.
The developer intends to carefully consider current and emerging market trends before making any moves, but is well-positioned to provide a diverse portfolio of offerings within the RM450,000 to RM750,000 price range, it noted in a recent statement.
MCT’s total land bank as at Dec 31, 2020, for current and future developments stands at 115.7ha.
This is expected to contribute RM11.6 billion in gross development value (GDV) over the next 10 years.
“We remain optimistic about the future prospects of Malaysia’s property market despite the current pandemic.
“The current vaccine rollout is well on its way and once we obtain herd immunity with at least 70% of our population vaccinated by October 2021, this will pave the way towards an eventual recovery of the Malaysian economy, as well as business and consumer confidence in the property market,” MCT’s CEO Teh Heng Chong (picture) stated.
He added that the group is prepared and strategically positioned to meet the pent-up demand for the diverse segments of owning sustainable quality properties.
“We believe this will put the group on a growth trajectory over the short- and long-term horizon,” added Teh.
In 2020, MCT delivered vacant possession of four projects with a total 3,053 units, a record high for the group and within the prescribed delivery schedule.
These projects were LakeFront Residence Phase 2 and PR1MA Homes from the Lakefront @Cyberjaya development, as well as Casa Bluebell and Casa Wood in the Cybersouth township.
The group sold 600 units of properties with a total GDV of RM365.2 million in 2020, almost the same level as in 2019.
A total of RM185.2 million or 51% of total sales in 2020 were contributed by Market Homes from its Lakefront @ Cyberjaya development.
Adding to its diverse portfolio of projects, MCT launched two new developments in 2020 with a combined GDV of RM725.6 million. These are Aetas Damansara @ Petaling Jaya and Casa Bayu @ Cybersouth.
“The developments enjoyed favourable take-up rates of 41% for Aetas Damansara and 36% for Casa Bayu as at Aug 30, 2021.
“Despite undergoing a very challenging market condition, the use of digital innovations has spurred the group’s efforts to remain competitive and attractive to home-seekers,” he added.
MCT has also introduced a cashless payment system.
“The group announced during the unveiling of its refurbished sales gallery in Cyberjaya that homebuyers could make cashless payment for property bookings via the Touch ’n Go eWallet,” he added.
Customers were also able to view MCT properties through a 360° virtual tour of show units and street views of projects from the comfort of their homes.
Additionally, MCT’s online campaigns, launched during the Movement Control Order period in 2020, generated over 340 new bookings valued at RM171 million in June 2020.
The company made RM79.5 million in revenue for the second quarter ended June 30, 2021, but suffered a net loss of RM2.08 million for the quarter, according to its recent exchange filing.
MCT recorded a 6.8% increase in revenue to RM462.4 million for the financial year 2020 despite volatile market conditions in 2020. It suffered a net loss of RM873,000 for the year.
