KUALA LUMPUR: Chin Hin Group Property Bhd
(CHGP) has acquired a parcel of freehold land in Segambut, Kuala Lumpur, for RM31.74mil to develop a high-rise serviced apartment project.
In a filing with Bursa Malaysia, CHGP said BKHS Capital Sdn Bhd, a wholly-owned subsidiary of BKG Development Sdn Bhd and in turn a wholly-owned subsidiary of CHGP, entered into a sale and purchase agreement with Triple-H Auto Parts Sdn Bhd for the 16,672-square-metre site.
The freehold land, currently vacant, is zoned for residential use.
BKHS plans to develop about 585 serviced apartment units together with car parks and other amenities, subject to regulatory approvals.
“The proposed average size of a typical unit is approximately 620 square feet, subject to finalisation and approval of the relevant building plans by the authorities,” it said.
The project has an estimated gross development value (GDV) of RM239.1mil and a gross development cost of RM203mil.
Construction is expected to begin in 2027 and to be completed by 2031.
CHGP said the acquisition will be funded through a mix of internally generated funds and bank borrowings.
