PETALING JAYA: Chin Hin Group Property Bhd (CHGP) has entered into a conditional sale and purchase agreement with YNH Property Bhd (YNH) for a freehold parcel situated along Jalan Sultan Ismail, Kuala Lumpur, for a purchase consideration of RM455mil.
CHGP will be undertaking mixed-use development of the land measuring 2.6 acres (10,564 sqm), with components consisting of service apartments, hotel and retail space. The project carries an estimated gross development value (GDV) of approximately RM3.6bil and an estimated total development cost of approximately RM2.72 bil, subject to final development plans and statutory approvals.
Upon completion of the acquisition, CHGP will assume full control and execution responsibility for the development, while EC Properties (M) Sdn Bhd and YNH retain a 30% and 10% participation, respectively, to preserve upside exposure.
“Opportunities to acquire a freehold development site of this scale and location in the city’s Golden Triangle are exceptionally rare. This proposed acquisition strengthens our landbank in high-demand urban corridors, directly aligning with our growth strategy and our commitment to high-quality development opportunities,” said CHGP executive chairman Datuk Wira Chiau Haw Choon.
YNH group managing director Yu Kai Leun said the disposal represents a balanced outcome for the group.
“This transaction allows us to unlock meaningful liquidity from a prime asset, strengthen our financial position and retain a continuing participation in the asset's future upside,” he said. “We are converting a long-held landbank into immediate capital while preserving our connection to a landmark project.”
Also present was EC Properties (M) Sdn Bhd managing director Samuel Ng Heng Hong.
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