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 RM1.1bil.
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, the proprietor of the 99-year leasehold land measuring about 2.02 ha.
Under the deal, ACSB will pay RM103mil to obtain full development rights, granting it complete authority over the design, construction, marketing, sales and all proceeds from the project.
The project is expected to generate a profit before tax of about RM210mil, translating into a pre-tax margin of around 18%. — Bernama
