SUBANG JAYA (Sept 24): MCT Bhd is planning to launch more new projects worth over RM1 billion gross development value (GDV) in the remaining of 2020.
Following the recent launches of Casa Bayu @ Cybersouth and PR1MA Shops in Lakefront @ Cyberjaya, MCT is gearing for more new launches namely Aetas in Damansara and Alira in Subang Jaya in 2020. The total of these new launches amount to over RM1 billion.
“Our group’s strategies remain 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,” said MCT CEO Teh Heng Chong in a media statement today.
Teh also shared that 2020 will be a record year for the group in terms of handing over completed projects, with over 3,000 units to be delivered to homeowners of Selangorku PR1MA Lakefront Homes and Lakefront Residence Phase 2 at Lakefront @ Cyberjaya, and Casa Bluebell and Casa Wood at Cybersouth in 2020.
The combined GDV of these four projects is RM1.2 billion, of which MCT has already delivered two projects with another two projects scheduled for handover soon.
Meanwhile, MCT recorded a revenue of RM459 million for the financial year ended Dec 31, 2019, (FY2019) as compared to the revenue of RM331 million for FY2018. The group also recorded profit after tax of RM46 million for FY2019.
Meanwhile, the cash and bank balance stood at RM470 million in FY2019, up from RM344 million mainly from the higher completion rates of its on-going projects.
As at FY2019, the group holds 317.3 acres of landbank, which 258.5 acres has allocated for future developments.
“MCT will continue to reap steady gains from our healthy landbank for ongoing and upcoming developments in new and different locations. Additionally, we plan to acquire suitable new landbank situated in prime locations in the Klang Valley, to be new growth engines and serve as launch pads for future growth,” said Teh.
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