Yong Tai executive director Boo Kuang Loon said the participation of Sino Haijing
KUALA LUMPUR: Yong Tai Bhd
is venturing into the vibrant Bukit Bintang property sector via its proposed investment in Iconic Paragon Sdn Bhd which is buying 1.08 acres of leasehold land in that area.
Yong Tai, which is a tourism and cultural property developer, announced on Thursday it planning to take up a 70% stake in Iconic Paragon, which is a private developer.
Its group CEO Datuk Wira Boo Kuang Loon said: “The move will enable Yong Tai to team up with Iconic Paragon, which is an investment holding and property development company, to grow Yong Tai’s property development business segment in Kuala Lumpur.”
Both companies inked an MoU on Thursday which would see Yong Tai emerging as a strategic shareholder in Iconic Paragon .
Recall that in March 2015, Iconic Paragon signed a sale and purchase agreement (SPA) with Datuk Bandar Kuala Lumpur to purchase the 1.08 acres, comprising 0.74 acre and 0.34 acre. The purchase has yet to be completed.
“Under the MoU, Yong Tai and Iconic Paragon have jointly agreed to negotiate the detailed on the terms and conditions of the share subscription agreement.
“Both parties are expected to finalise and enter into share subscription agreement within three months,” it said.
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