Chin Hin Group Property Bhd (CHGP) has acquired 2.63 hectares of land in Segambut, Kuala Lumpur, for RM52 million, marking a strategic expansion of its property development footprint in the capital.
The acquisition was completed through its wholly-owned subsidiary, Chin Hin Property (Segambut) Sdn Bhd, which entered into a sale and purchase agreement with New York Empire Sdn Bhd and Kar Sin Bhd.
The land, originally earmarked for a joint development between CHGP and Kar Sin, will now be fully owned and independently developed by CHGP. The group intends to undertake either a residential or mixed-use development project on the site, subject to the requisite regulatory approvals.
“This acquisition is aligned with our ongoing strategy to broaden our property portfolio through the acquisition of land in key high-potential areas across Kuala Lumpur,” said Chin Hin in a statement.
Chang Tze Yoong, Chief Executive Officer of Chin Hin Group’s property development division, noted that the move from joint venture to sole ownership would allow for enhanced control over both the execution and commercial positioning of the project.
“The site’s strong connectivity and favourable market conditions give us confidence that this development will make a meaningful contribution to our future earnings,” he said.
-Bernama
