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- The project is estimated to generate a pre-tax profit of RM210 million based on a gross cost of RM940 million and translate into a margin of 18%, the company said in a statement. Development is expected to begin in the second quarter of 2026 to be completed by the second quarter of 2031.
KUALA LUMPUR (Oct 16): Chin Hin Group Property Bhd (KL:CHGP) has signed an agreement to develop a residential project worth RM1.15 billion in Taman Connaught, Cheras.
The project is estimated to generate a pre-tax profit of RM210 million based on a gross cost of RM940 million and translate into a margin of 18%, the company said in a statement. Development is expected to begin in the second quarter of 2026 to be completed by the second quarter of 2031.
“The Taman Connaught project fits our strategy of pursuing high-quality residential projects in prime urban areas with long-term demand potential,” said Chang Tze Yoong, who heads Chin Hin’s property development division.
In a filing with Bursa Malaysia on Thursday, Chin Hin said its wholly-owned subsidiary Avion Connaught Sdn Bhd signed the agreement with Grand Uptown Sdn Bhd, the registered owner of the five-acre 99-year leasehold land.
Avion Connaught will pay RM103 million to Grand Uptown to obtain full development rights for the project, granting it control over the design, construction, marketing and sale of all units. Funding will be sourced from internal funds and bank borrowings.
The proposed development will feature high-rise residential towers alongside retail and parking components. The number of units was not disclosed in the statement or the exchange filing.
Shares of Chin Hin Group were relatively unchanged on Thursday post-announcement at RM1.22, which values the property developer at about RM1.6 billion.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
