2 days ago
Yong Tai acquires stake in Sumberjaya Builders for RM15mil
PETALING JAYA: Yong Tai Bhd (YTB) has entered into a conditional share sale agreement to acquire the entire equity stake in Sumberjaya Builders Sdn Bhd for RM15mil.
In a statement, the tourism-related property development firm said the strategic acquisition marks the company's entry into Sabah's property market with a steady growth outlook, further diversifying the group's earnings stream and enhancing future profitability.
Through this acquisition, Yong Tai said it will undertake two joint-venture projects already secured by Sumberjaya in Sabah, namely one in Lahad Datu and the other in Tawau.
Yong Tai said the Lahad Datu project spans 11.97 acres, and features a mixed development of shop lots, terrace houses, and walk-up flats.
With an estimated gross development value (GDV) of RM70.12mil, the project is expected to generate a development profit of RM10.80mil.
The Tawau project meanwhile is situated on approximately 15.25 acres, and includes both commercial and residential units, offering an estimated GDV of RM106.58mil and projected to deliver a development profit of RM29.78mil.
