Chin Hin Property to buy freehold land in KL for RM85m

KUALA LUMPUR (Feb 3): Chin Hin Group Property Bhd is eyeing to acquire a piece of land in Kuala Lumpur for RM85 million.

In a filing with the bourse, the group said it signed an offer letter with Frazel Luxe Sdn Bhd (formerly Frasers Luxe Sdn Bhd) today to acquire the 3.33ha freehold land situated on Jalan Kuchai.

Chin Hin said the purchase of the land will be conditional upon the obtaining of relevant approvals, including from the State authority, its board of directors and shareholders and the Economic Planning Unit.

“A detailed announcement on the proposed acquisition in compliance with Chapter 10 of the Main Market Listing Requirements will be made upon execution of the sale and purchase agreement,” the group said.

Chin Hin’s share price rose 0.5 sen or 0.7% to close at 68 sen, giving it a market capitalisation of RM234.69 million.

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