PETALING JAYA: Chin Hin Group Property Bhd
has acquired two contiguous parcels of leasehold land in Taman Puncak Jalil, Selangor for a total consideration of RM91mil.
The acquisition was done by Chin Hin Property (KL) Sdn Bhd, a wholly-owned subsidiary of BKG Development Sdn Bhd, via a Sale and Purchase Agreement with Trident Treasure Sdn Bhd.
Chin Hin said the land will be used to develop a landed residential development comprising 380 units of three-storey terrace homes.
The project is expected to carry an estimated gross development value of RM560mil and will be funded through a combination of internally generated funds and bank borrowings, with the final composition to be determined based on gearing and cash-flow planning.
“This acquisition fits our strategy of focusing on high-demand residential products while expanding our footprint in growth corridors. Landed housing in Greater Kuala Lumpur continues to demonstrate resilient demand, especially among young families and upgraders,” said Chang Tze Yoong, group chief executive officer, property development division.
