PETALING JAYA: OCR Group Bhd
has entered into a heads of agreement (HOA) with Datuk Howard Chew Si Hoo to acquire a 49% equity interest in Chester Properties Sdn Bhd, while the remaining 51% is held by licensed real estate advisors.
In a statement, the integrated real estate group said the proposed acquisition will be satisfied via the issuance of new OCR shares at 4.1 sen each, subject to the execution of a definitive agreement.
The HOA allows OCR to conduct a due diligence exercise over a 60-day period and to execute the Definitive Agreement within 70 days from the HOA, subject to satisfactory findings.
Founded in 2010, Chester Properties operates a real estate agency network comprising 17 licensed real estate advisors, 516 real estate negotiators and over 4,000 agents across 15 branches nationwide.
OCR said the proposed acquisition is expected to enhance its route-to-market capabilities, strengthen buyer acquisition and support the rollout of future property developments.
Group managing director Billy Ong Kah Hoe said the proposed acquisition of Chester Properties marks another key milestone in the group’s strategic roadmap to expand OCR’s footprint and unlock greater value across the real estate value cha
“We believe this collaboration will allow us to tap into new buyer segments and bring a more integrated offering to the market. With Chester’s strong agency network and our development pipeline, this partnership is expected to enhance market reach and support the roll-out of our upcoming projects, including Residensi Begonia (Phase 2 of our Kyra development in Shah Alam) and a contemporary high-rise lifestyle development in Jalan Alor. This partnership is synergistic and forward-looking,” he said.
Meanwhile, Chester Properties founder and executive chairman Datuk Howard Chew said: “By aligning our marketing expertise with OCR’s solid development portfolio, we can create a stronger, more competitive value proposition for homebuyers and investors alike.
“Together, we look forward to innovating the way properties are brought to market and delivering greater impact across the industry.”
