Chin Hin plans land buy in Serendah to expand property development segment

KUALA LUMPUR (Jan 27): Chin Hin Group Property Bhd is buying five parcels of land in Hulu Selangor for RM54.52 million to expand its property development activity.

The group said it is buying the freehold land located in Serendah from Frazel World Sdn Bhd and Frazel Icon Sdn Bhd.

The acquisition is expected to be funded via a combination of internally-generated funds, bank borrowings and fundraising exercise, it said in a filing today.

“The proposed acquisitions are in line with the overall strategy of Chin Hin group to expand its property development segment. The group is continuously sourcing for new land bank at accessible location for potential development,” it added.

Chin Hin said the land is located at a well-developed area and is conveniently accessible via the North-South Highway, LATAR Expressway and Guthrie Corridor Expressway.

As such, it said the acquisition augurs well for the group and is in line with the group’s strategy to strengthen its property development presence in the Klang Valley.

The acquisition is expected to be completed by the first half of 2021, it added.

Chin Hin’s share price closed one sen or 0.66% higher at RM1.52 today, valuing the group at RM845.33 million.

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