PETALING JAYA: Chin Hin Group Property Bhd
has acquired two contiguous parcels of leasehold land in Taman Puncak Jalil, Selangor for 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 would be used to develop a landed residential development comprising 380 units of three-storey terrace homes.
The project, expected to have a gross development value of RM560mil, 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,” it said.
