While the property market is currently soft, MCT Bhd is hopeful that the market will be stronger over the next one to two years, reported The Edge.
In fact, its new chief executive officer Jose Juan Z Jugo is optimistic that the group will continue its growth given that the property sector still offers opportunities.
“When people tell me the property market here is still soft, I look around and see cranes all over the place constructing buildings,” he said. “So, if the market is still not as strong as before, the point is that there is still growth.”
“Based on very realistic conservative assumptions, we have everything in place. As long as the market demands for our products, then we should be able to grow,” added Jugo, who assumed the role as CEO on 15 March, following his stint as non-executive director of MCT.
The Philippine national took over the helm from MCT Bhd founder Datuk Seri Tong Seech Wi, who now serves as a non-independent executive director.
Bringing new insights and values from a different vantage point, Jugo aims to push the company further from where it is today.
In fact, his team had started expanding their planning horizons over the last four months from the usual one year to five years.
“We have to differentiate ourselves to be more compelling and I believe that we are prepared for that because we have been offering different product lines all this while. We are an integrated player; we have residential, commercial spaces, hotel developments.”
Looking ahead, the group will continue its focus on the mass-market residential segment in the Klang Valley, offering homes priced from RM300,000 to RM700,000.
“I don’t think that we’re done with what we have to do in the Klang Valley area even after we exhaust our land banks here. I feel strongly that there will be a demand in the Klang Valley for more property developments,” noted Jugo.
Nonetheless, the group will also look for opportunities in other locations, he explained.
MCT saw its net profit and revenue for the third quarter ended 31 March 2017 drop 73.06 percent and 8.57 percent to RM5.21 million and RM137.29 million, respectively.
Net profit for the cumulative three quarters declined 29.14 percent to RM45.56 million, while revenue slipped 13.11 percent to RM430.32 million.
“Decrease in revenues is attributed to lower movements in percentage of completion rates due to rationalised construction costs, completion and phasing as an initiative to streamline and improve operations,” said MCT in its announcement.
Among projects by MCT are:
1. Rumah Selangorku, Cybersouth
3. LakeFront Residence, Cyberjaya
Image sourced from The Star
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
For more information on new top homes, check out PropertyGuru’s New Property Launches and Project Reviews.
