LAST year, property developer MCT Bhd placed a strong emphasis on restructuring and reorganising the group’s overall operations and establishing its strategic objectives to be achieved by the year 2025.
However, the pandemic might have caused a setback on the group’s mission as the revenue for its second quarter ended June 30, 2020 (2Q20) almost halved to RM59.3 mil from RM107.1 mil in 2Q19. The group also recorded a tremendous net loss of -RM15.2 mil from last year’s RM2.76 mil.
Despite that, MCT will continue to strive to reap steady gains from its healthy landbank for ongoing and upcoming developments in new and different locations. Of the 317.3 aces of landbank, MCT allocated 258.5 acres for future development.
The property developer is set to generate a gross development value (GDV) of approximately RM12.6 bil from on-going and future developments that will help MCT secure its revenue stream.
“As a property developer, continuously replenishing our landbank remains one of our top priorities as we head into 2021, as we have set land acquisitions targets in specific locations in established growth corridors in the Klang Valley,” MCT CEO Teh Heng Chong said.
During the 11th Annual General Meeting (AGM) with MCT’s shareholders that was conducted virtually, Teh shared that 2020 will be a record year for the group in terms of handing over completed projects.
In that aspect, 3,000 units of property will be delivered to homeowners of Selangorku PR1MA Lakefront Homes and Lakefront Residence Phase 2 at Lakefront @ Cyberjaya, as well as Casa Bluebell and Casa Wood at Cybersouth.
The combined GDV of these four projects is RM1.2 bil, of which MCT has successfully delivered two projects scheduled for handover soon.
“Our group’s strategies remain focused on the affordable to mid-tier residential market in the Greater Klang Valley region. We intend to spread our portfolio of developments to various growth corridors, expanding our existing base in Cyberjaya and Cybersouth,” Teh said.
Apart from MCT’s recently launched two new projects of Casa Bayu (Cybersouth) and PR1MA Shops in Lakefront (Cyberjaya), the group is also gearing towards the launch of Aetas, Damansara and Alira in Subang Jaya towards the end of 2020. The total GDV of these new launches amounts over RM1 bil.
Moving forward, the company’s strategies include shifting their operating model, strengthening human capital, improving systems and processes, investing in innovation and adopting customer-centric policies. – Sept 26, 2020
