Chin Hin Plans RM3.60 Bln GDV Golden Triangle Project Via RM455 Mln Land Acquisition
KUALA LUMPUR, July 8 (Bernama) -- Chin Hin Group Property Bhd (CHGP) plans to develop a mixed-use project with an estimated gross development value (GDV) of RM3.60 billion in Kuala Lumpur's Golden Triangle and a total development cost (TDC) of RM2.72 billion.
The proposed development, comprising service apartments, a hotel and retail components, is subject to the final development plans and statutory approvals.
The project will follow CHGP's proposed RM455 million acquisition of a freehold land parcel on Jalan Sultan Ismail from YNH Property Bhd.
CHGP and YNH said in a joint statement that, under the conditional sale and purchase agreement, YNH's wholly-owned subsidiary, YNH Land Sdn Bhd, and CHGP's subsidiary, Chin Hin Property (JSI) Sdn Bhd, have agreed to the acquisition arrangement that will facilitate the development of the landmark project.
"The transaction is structured to allow both groups to achieve their respective strategic objectives. It enables CHGP to take the lead in developing the site with full execution control, while allowing YNH to unlock immediate value from a long-held prime asset and retain a 10 per cent participation in the future development," they said.
CHGP executive chairman Datuk Chiau Haw Choon said opportunities to acquire a freehold development site of such scale and location in Kuala Lumpur's Golden Triangle were 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," he said.
Chiau said the group would undertake the project with a long-term approach, underpinned by disciplined execution, thoughtful planning and responsible capital management, to create a development that contributes to Kuala Lumpur's evolving urban landscape while delivering sustainable value to stakeholders.
Meanwhile, YNH group managing director Yu Kai Leun said the transaction would enable the company to unlock liquidity from a long-held strategic asset while maintaining exposure to its future upside through its retained stake.
"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 added.
The proposed transaction is subject to approvals from the shareholders of both CHGP and YNH at their respective extraordinary general meetings, as well as other regulatory approvals, and is targeted for completion in the first half of 2027.
-- BERNAMA