OCR Group Bhd plans to acquire a 49% stake in property and investment consultancy firm Chester Properties Sdn Bhd through the issuance of new shares.
In a statement, the real estate developer said it has signed a heads of agreement with Chester Properties founder and executive chairman Datuk Howard Chew Si Hoo for the proposed acquisition. The purchase consideration will be fully satisfied via the issuance of new OCR shares at 4.1 sen each.
OCR, which specialises in property development, construction and project management, said the collaboration is expected to enhance its route-to-market capabilities, strengthen buyer acquisition and support the roll-out of future developments.
OCR said the agreement provides for a 60-day due diligence period, followed by the execution of a definitive agreement within 70 days, subject to satisfactory findings.
Founded in 2010, Chester Properties has built a wide agency network comprising 17 real estate advisors, 516 real estate negotiators and more than 4,000 agents across 15 branches in the Klang Valley, Johor, Melaka, Negeri Sembilan and Sarawak. The firm focuses on marketing residential and commercial properties, including condominiums, landed homes, shop lots and office spaces, and is currently appointed as marketing agent for several developers and projects. Chester Properties is presently majority-owned by two licensed real estate advisors, who collectively hold a 51% stake.
OCR, which is involved in property development, construction and project management, said the proposed partnership is expected to strengthen its route-to-market strategy, enhance buyer acquisition and support the rollout of upcoming developments.
Group managing director Billy Ong Kah Hoe described the move as a key milestone in OCR’s strategic roadmap to expand its footprint and unlock value across the property value chain. He noted that Chester’s agency network, combined with OCR’s development pipeline, is expected to improve market reach and support projects such as Residensi Begonia — Phase 2 of the Kyra development in Shah Alam — as well as a planned high-rise lifestyle development in Jalan Alor.
Howard Chew said the collaboration aligns Chester’s marketing capabilities with OCR’s development portfolio, creating a stronger value proposition for homebuyers and investors. He added that the partnership aims to enhance how properties are brought to market and deliver broader industry impact.
Shares in OCR closed unchanged at 4.5 sen on Wednesday, giving the group a market capitalisation of RM150.3 million.
