KUALA LUMPUR: Chin Hin Group Property Bhd
plans to acquire property in Kota Damansara, Selangor, from Signature Cabinet Sdn Bhd, a wholly owned subsidiary of Signature International Bhd, for RM66 million.
In a filing with Bursa Malaysia today, Chin Hin said its indirect wholly owned subsidiary, Boon Koon Capital Sdn Bhd, has entered into a conditional sale and purchase agreement with Signature Cabinet to acquire a single-storey detached factory, a three-storey office, and a double-storey detached factory on leasehold industrial land in Kota Damansara.
Boon Koon Capital is a wholly owned subsidiary of BKG Development Sdn Bhd, which in turn is a wholly owned subsidiary of Chin Hin.
Chin Hin said the proposed acquisition is in line with its overall strategy to expand its property development segment.
"The group is continuously sourcing new land banks at accessible locations for potential development,” it said.
Although Chin Hin is primarily a residential developer, the group’s entry into the industrial segment via the project represents a measured and selective broadening of its development portfolio, leveraging its existing development expertise and benefiting from favourable industrial demand.
"As such, the proposed acquisition augurs well for the group as it is in line with the group’s strategy to strengthen its property development presence in Klang Valley,” it added. - Bernama
