MCT Berhad FY2020 revenue up 6.8%
SUBANG JAYA 1 SEPTEMBER – MCT Berhad (MCT) recorded a commendable performance with a 6.8% increase in revenue to RM462.4 million despite volatile market conditions in 2020. This is on the back of a strong framework to steer the Company to execute its transformation program and growth strategies.
Elaborating on the Group’s performance, Mr. Teh Heng Chong, the CEO of MCT, said, “Our on-going transformation and growth plans have played and will continue to play a key role in MCT’s positive performance. Being a reputable and trusted brand, we remain committed to meeting the expectations of our customers through timely delivery of projects that embody the highest standards of quality. Looking ahead, we believe in futureproofing the business for sustainable growth. In this regard, MCT has embarked on more digitalisation initiatives this year to tap into new business opportunities and innovative product offerings to stay relevant to existing and prospective stakeholders.”
In 2020, MCT was also able to deliver the vacant possession of four (4) 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 that in 2019. A total of RM185.2 million or approximately 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 approximately 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 30 August 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. MCT has taken pride in elevating the Malaysian property market to the next level with the introduction of 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.
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 MCO period in 2020 generated over 340 new bookings valued at RM171 million in June 2020.
With long-term sustainable growth as its key objective, the Group remains focused on fulfilling its seven primary strategic initiatives of repositioning its operating model with the engagement of external contractors for its developments, expanding its market presence, and growing its land bank. The Group is likewise dedicated to developing human capital capabilities, rollingout a customer centric culture, with the introduction of new systems and processes, managing the Group’s financial resources, and strengthening the brand to reinforce its position as one of the trusted property developers in the industry.
Moving forward, MCT plans to focus on catering to the wider demography within the Klang Valley by providing mid-range and affordable housing projects. Carefully considering the current and emerging market trends, the Group is well positioned to provide a diverse portfolio of offerings within the RM450,000 to RM750,000 price range. MCT’s total land bank as at 31 December 2020 for current and future developments stands at approximately 285.9 acres. This is expected to contribute approximately RM11.6 billion in 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. Our 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 the long-term horizon,” Mr. Teh concluded.