Chin Hin Group Property eyes 1.38ha Bandar Kinrara land for RM60m

KUALA LUMPUR (Dec 2): Chin Hin Group Property Bhd (CHGP) plans to purchase a 1.38ha piece of land in Bandar Kinrara, Puchong, Selangor for RM59.8 million, from Perumahan Kinrara Bhd (PKB).

PKB is a unit of I&P Group Sdn Bhd, which in turn is a wholly-owned subsidiary of SP Setia Bhd.

In a bourse filing, CHGP said its wholly-owned subsidiary Boon Koon Commercial Sdn Bhd received the letter of acceptance from PKB on Dec 1 for the land.

Under the acceptance letter, CHGP will seek the approval of the Economic Planning Unit of the Ministry of Affairs to purchase the land within 60 days from the date of signing of the sale and purchase agreement.

“Further details of the Kinrara land will be announced in due course upon execution of the sale and purchase agreement,” it said, adding that a detailed announcement will be filed upon execution of said agreement.

CHGP closed unchanged at 49 sen, giving a market capitalisation of RM167.9 million.

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