Latest news with #HighRichRealtySdnBhd
The Star
6 days ago
- Business
- The Star
Chin Well buys three parcels of land in Penang for RM48.4mil
PETALING JAYA: Chin Well Holdings Bhd is acquiring three parcels of freehold land totalling 128,509 sq metres in Seberang Prai, Penang, from High Rich Realty Sdn Bhd for RM48.4mil. In a filing with Bursa Malaysia, the carbon steel fasteners manufacturer said the transaction is consistent with the company's long-term growth strategy of acquiring land bank at good locations with strong potential for capital appreciation and development. 'The properties are strategically located along the main road and easy access to key economic zones and industrial areas, including the Batu Kawan Industrial Park, Valdor, and the prominent townships such as Simpang Ampat, Bukit Minyak, and Nibong Tebal. 'Additionally, the properties are in close proximity to the Second Penang Bridge, further enhancing accessibility and underscoring the area's readiness with infrastructure in place.' Chin Well said it intends to satisfy the transaction with internally generated funds. 'Therefore, the transaction may impact the cash flow position of the group. Nevertheless, the board believes that its prudent cash flow management will be able to address the cash flow risk.'
New Straits Times
6 days ago
- Business
- New Straits Times
Chin Well buys land in Penang for RM48mil to expand growth footprint
KUALA LUMPUR: Chin Well Holdings Bhd has acquired three parcels of freehold land in Penang for RM48.41 million as part of its long-term strategy to build up a landbank with development potential. The company entered into a sale and purchase agreement with High Rich Realty Sdn Bhd to acquire the properties, which span a total of 12.85 hectares in Seberang Perai Tengah. Chin Well said it will use internal funds for the purchase, which is expected to be completed in the second half of 2025. "The properties are located along the main road with easy access to Batu Kawan Industrial Park, Valdor, Simpang Ampat, Bukit Minyak and Nibong Tebal," it said in a filing with Bursa Malaysia today. It added that the sites are also near the Second Penang Bridge, highlighting the area's infrastructure readiness and accessibility. The purchase price was agreed on a willing-buyer, willing-seller basis at RM35 per square foot, based on the indicative market value of comparable properties in the area.
