KUALA LUMPUR: Chin Hin Group Property Bhd
(CHGP) has signed a development agreement for a large-scale residential project in Taman Connaught with an estimated gross development value (GDV) of RM1.1 billion.
In a statement, the company said the project will be undertaken by its indirect wholly owned subsidiary, Avion Connaught Sdn Bhd (ACSB), following the signing of the agreement with Grand Upstown Sdn Bhd (GUSB), the proprietor of the 99-year leasehold land measuring about 2.02 hectares.
Under the deal, ACSB will pay RM103 million to obtain full development rights, granting it complete authority over the design, construction, marketing, sales and all proceeds from the project.
"The proposed development, comprising high-rise residential towers complemented by retail and parking components, is expected to begin in the second quarter of 2026 and be completed by the second quarter of 2031,” CHGP said.
The project is expected to generate a profit before tax of about RM210 million, translating into a pre-tax margin of around 18 per cent. Funding will come from a mix of internal resources and bank borrowings.
CHGP group chief executive officer (property development division) Chang Tze Yoong said the project marks a significant addition to the group’s Kuala Lumpur development pipeline.
"It fits our strategy of pursuing high-quality residential projects in prime urban areas with strong long-term demand potential.
"With a GDV exceeding RM1 billion, the project is expected to contribute meaningfully to our medium-term earnings,” he added. - Bernama
