By Sharen Kaur
sharen@mediaprima.com.my
KUALA LUMPUR: NCT Group plans to launch a new commercial project in Sungai Petani, Kedah, next year, which is expected to generate some RM400 million in gross development value (GDV).
The project is a joint venture with the Kedah state government, said NCT founder and group managing director Yap Ngan Choy.
Yap told Business Times that he is bullish about the project because of several major developments taking shape in Kedah.
The state government has identified six projects to boost the income of poor families and improve the livelihood of rural folks, such as developing idle land for agricultural activities.
Kedah, which is the poorest state in Malaysia, plans to also implement the proposed Yan Petroleum Industrial Zone (Zipy).
Zipy, which entails the construction of an oil refinery to process crude oil from West Asia before selling it to East Asian countries, was announced in 2007 by the then Barisan Nasional (BN) state government.
PAS, which took over the state administration after the 12th General Election in 2008, agreed to continue the project.
It was, however, delayed because the appointed developer faced financial and technical problems.
Under the BN government's initial planning, the Zipy project was expected to be completed this year and generate RM400 million in revenue a year to the state government.
"These developments will help boost property demand. We are fine-tuning details on our 8ha project and hope to start construction in the second half of next year. We believe the project will help change the landscape of Sungai Petani," Yap said.
One of the earliest developers in Kedah was Asiatic Land Development Sdn Bhd, a unit of Asiatic Development Bhd that is 54.8 per cent owned by Genting Bhd.
In 1994, the company launched the 284ha Asiatic Permaipura project, which comprised of commercial centres, an 18-hole golf club and the Permaipura Golf & Country Club, bungalow land, residential houses and shop offices.
"We will look for more opportunities to develop landbank in Kedah and other states. The focus will be in Peninsular Malaysia. We are not ready yet to move to Sabah and Sarawak," Yap said.
NCT has two ongoing projects worth a combined RM2 billion. They are Ion d'Elemen in Genting Highlands and Salak Perdana near Sepang.
The project is a joint venture with the Kedah state government, said NCT founder and group managing director Yap Ngan Choy.
Yap told Business Times that he is bullish about the project because of several major developments taking shape in Kedah.
The state government has identified six projects to boost the income of poor families and improve the livelihood of rural folks, such as developing idle land for agricultural activities.
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Zipy, which entails the construction of an oil refinery to process crude oil from West Asia before selling it to East Asian countries, was announced in 2007 by the then Barisan Nasional (BN) state government.
PAS, which took over the state administration after the 12th General Election in 2008, agreed to continue the project.
It was, however, delayed because the appointed developer faced financial and technical problems.
Under the BN government's initial planning, the Zipy project was expected to be completed this year and generate RM400 million in revenue a year to the state government.
"These developments will help boost property demand. We are fine-tuning details on our 8ha project and hope to start construction in the second half of next year. We believe the project will help change the landscape of Sungai Petani," Yap said.
One of the earliest developers in Kedah was Asiatic Land Development Sdn Bhd, a unit of Asiatic Development Bhd that is 54.8 per cent owned by Genting Bhd.
In 1994, the company launched the 284ha Asiatic Permaipura project, which comprised of commercial centres, an 18-hole golf club and the Permaipura Golf & Country Club, bungalow land, residential houses and shop offices.
"We will look for more opportunities to develop landbank in Kedah and other states. The focus will be in Peninsular Malaysia. We are not ready yet to move to Sabah and Sarawak," Yap said.
NCT has two ongoing projects worth a combined RM2 billion. They are Ion d'Elemen in Genting Highlands and Salak Perdana near Sepang.
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