Chin Hin Group Property Bhd (CHGP) said its indirect unit, Boon Koon Commercial Sdn Bhd, has entered into a sale and purchase agreement with Perumahan Kinrara Bhd (PKB) to acquire a piece of land in Bandar Kinrara, Puchong, Selangor for RM59.76 million.
Boon Koon Commercial is a wholly-owned subsidiary of BKG Development Sdn Bhd, which in turn is a 100 per cent-owned subsidiary of CHGP.
In a filing to Bursa Malaysia today, CHGP said the proposed acquisition of land measuring 1.38 hectares was in line with the group’s overall strategy to expand its property development segment.
“The proposed acquisition augurs well for the group as it is in line with the group’s strategy to strengthen its property development presence in the Klang Valley,” it said, adding the Kinrara land is located in an established residential area in Puchong.
The land acquisition is expected to be completed by the first half of 2021.
“The sale and purchase of the Kinrara land is conditional upon the written approval from the Economic Planning Unit (EPU), Prime Minister’s Department, and the approval of shareholders of CHGP, as well as other relevant approvals, if required,” it said.
The shareholders of PKB are Lembaga Tabung Angkatan Tentera with 24.5 per cent, Lembaga Tabung Haji (24.5 per cent) and I &P Group Sdn Bhd (51 per cent). – Bernama