KUALA LUMPUR: Chin Hin Group Property Bhd
(CHGP) will redevelop a stalled and dormant site in Bandar Ulu Kelang, Selangor, into a residential project with an estimated gross development value of RM883mil.
In a statement, the property developer said its indirect wholly owned subsidiary, Chin Hin Property (Melawati) Sdn Bhd, had entered into a joint development agreement with EC Properties (M) Sdn Bhd to undertake the project.
CHGP said the development will comprise 1,449 serviced apartment units on two freehold land parcels spanning approximately 27,235 sq m.
Under the agreement, Chin Hin Property (Melawati) will pay RM80mil to secure the exclusive development rights.
The payment comprises RM48mil in cash, to be funded through bank borrowings, and RM32mil through the issuance of redeemable preference shares at the subsidiary level.
