MCT aims RM650m sales from new projects
KUALA LUMPUR: MCT Bhd, a unit of the Philippines' Ayala Land Inc, plans to roll out new property launches with estimated gross development value (GDV) of RM650 million.
The projects included Sanderling Lakefront Residences @ Cyberjaya, Casa Bayu @ CyberSouth and Alira @ Metropark Subang, MCT said in a statement today.
The company also said its shareholders had approved all the resolutions to support its growth, and this included the appointment of Teh Heng Chong as chief executive officer.
Its board of directors recently appointed Apollo “Pol” Bello Tanco as chief operating officer and Susan Jacob Secreto as chief finance officer.
The two executives previously held senior management roles in Ayala Land and have more than 20 years of experience in the property development industry.
“To improve quality standards in our developments, we have taken decisive steps which includes the setting up of an independent project management team to review the delivery and quality control system, and better monitoring development systems in all current and new projects,” said Pol Tanco in the statement.
MCT said its aggressive moves to complete and deliver projects had resulted in it recording a net profit of RM60.5 million last year.
Secreto said the company’s cash and bank balances had increased to RM344.4 million from RM186.7 million, up 84.4 per cent from 2017.
The increase in cash and bank balances further reduced MCT’s net debt-to-equity ratio from 5.8 per cent to a net cash position.
MCT recently increased its total landbank size with two acquisitions in Subang Jaya and Petaling Jaya, estimated to generate a GDV of about RM1.6 billion for the company in the next five years.
Secreto said unbilled sales amounting to RM814.0 million would sustain MCT for the next two years.