KUALA LUMPUR: Chin Hin Property (Melawati) Sdn Bhd (CHPMSB), a subsidiary of Chin Hin Property Bhd (CHGP), has signed a joint development agreement (JDA) with EC Properties (M) Sdn Bhd (ECPMSB) to redevelop a stalled site in Bandar Ulu Kelang, Selangor.
The site covers 293,155.1 sq ft and will feature 1,449 serviced apartments with an estimated GDV of RM883mil. Pending regulatory approvals, the first phase is set to launch in Q2 2027, with overall completion expected by Q3 2033. Under the JDA, CHPMSB will reimburse ECPMSB RM80mil through a combination of RM48mil in cash and RM32mil via the issuance of redeemable preference shares.
"There is real value in taking a site that has been sitting idle and putting it back to work. This is a sizeable parcel in a mature Klang Valley location where people genuinely want to live. We have the capacity and the discipline to see a development of this scale through. We have structured the arrangement carefully, securing the development rights with a balanced funding approach while ensuring there is a clear pathway for the legacy matters tied to the site to be worked through under the agreement. That matters to us, because doing this properly means doing it in a way that holds up,” said CHGP group chief executive officer Chang Tze Yoong.
“Our focus is on building a deeper residential pipeline in locations supported by population density, connectivity and practical homebuyer needs. This project adds meaningful GDV to our medium-term portfolio and fits our approach of replenishing landbank selectively, without stretching the balance sheet. From here, we will continue to manage the risks carefully as the project moves through approvals and planning and position the development in line with market conditions,” he added.
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