Chin Hin Buys 2.62 Hectares Of Land In Segambut For RM52 Mln
KUALA LUMPUR, July 15 (Bernama) -- Chin Hin Group Property Bhd has purchased 2.63 hectares of land in Segambut, Kuala Lumpur, for RM52 million.
Its wholly-owned subsidiary, Chin Hin Property (Segambut) Sdn Bhd (CHPS), has entered into a sale and purchase agreement with New York Empire Sdn Bhd and Kar Sin Bhd for the acquisition of the said land.
'Originally planned as a collaborative development between CHGP and Kar Sin, the land will now be independently developed by CHGP into a residential or mixed development project.
'The acquisition supports CHGP's ongoing strategy of expanding its property portfolio by securing strategically located land within high-potential areas of Kuala Lumpur,' said Chin Hin.
The developer said that CHGP plans to develop a high-rise development on the newly acquired land, subject to obtaining the necessary regulatory approvals.
Chin Hin Group chief executive officer of the property development division, Chang Tze Yoong, said the transition from the previous joint development arrangement to full ownership of this prime land allows CHGP greater flexibility and control over the project's execution and marketing.
'Given the area's strong connectivity and market dynamics, we are confident this project will substantially contribute to our earnings growth,' he said.
-- BERNAMA
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