KUALA LUMPUR, Chin Hin Group Property Bhd has mutually agreed with Archmill Sdn Bhd and Suasa Sentosa Sdn Bhd to terminate their development agreement for a proposed high-rise residential project in Dutamas, Kuala Lumpur.
Its wholly-owned unit, BKHS Capital Sdn Bhd, executed a deed of revocation with both parties, under which it will refund a RM10 million security deposit to Suasa Sentosa. All parties have agreed to discharge each other from any future claims or obligations.
The initial agreement, announced in April last year, involved developing a 2.67-acre freehold parcel in Dutamas into a 974-unit serviced apartment project with a gross development value (GDV) of RM395.5 million and an estimated construction cost of RM323.2 million. The project was slated to commence in May 2025 and be completed by April 2030.
The land is currently caveated by the Malaysian Anti-Corruption Commission (MACC) and charged to United Overseas Bank (M) Bhd’s Ipoh branch.
Archmill, the registered owner of the land, is controlled by Yew Hock Ming and Manogaran PA Devanathan, while Suasa Sentosa, the beneficial owner, is equally owned by Lau Sheng Ming and Yu Teong Wei.
Under the original deal, Chin Hin Property was to pay Suasa Sentosa RM42 million as a security deposit, with the developer entitled to RM353 million “plus 81% of any GDV exceeding RM395 million”, while Suasa Sentosa was entitled to 19% of the GDV.
Chin Hin Property’s shares closed unchanged at RM1.21 on Wednesday, valuing the group at RM1.6 billion. Year to date, the counter has fallen by nearly half.
