Chin Hin Group Property acquires RM31.74 mil Segambut land, plans for high-rise project

• The land, measuring approximately 1.88 acres, will be developed into a high-rise serviced apartment project. The proposed development is estimated to have a gross development value of RM239.1 million.

KUALA LUMPUR (Oct 17): Chin Hin Group Property Bhd (CHGP) has expanded its city landbank with the acquisition of a freehold parcel in Segambut for RM31.74 million.

According to a media release by the group, the acquisition was executed through BKHS Capital Sdn Bhd (BKHS), a wholly-owned subsidiary of CHGP via BKG Development Sdn Bhd, under a sale and purchase agreement with Triple-H Auto Parts Sdn Bhd.

The land, measuring approximately 1.88 acres and located at Lot 449, Tempat Segambut, Kuala Lumpur, will be developed into a high-rise serviced apartment project.

The proposed development on this prime land is estimated to have a gross development value of RM239.1 million and a gross development cost of RM203 million,

The project, comprising approximately 585 serviced apartment units, is expected to commence in 2027 and complete by 2031.

CHGP is acquiring the land outright through a mix of internal funds and bank borrowings. The transaction is expected to be completed in the second half of 2026.

CHGP also said that the purchase price was arrived at on a willing-buyer, willing-seller basis, after internal feasibility studies projected a pre-tax profit of about RM36 million, or a margin of 15%.

“This acquisition strengthens CHGP’s foothold in Kuala Lumpur’s residential market. Segambut’s strategic location and connectivity make it an ideal site for a modern, lifestyle-driven residential development. The project aligns with our focus on quality urban housing and supports our long-term growth strategy,” said Chang Tze Yoong, group CEO of the Property Development Division.

“This latest acquisition is part of CHGP’s ongoing strategy to expand its property development portfolio across prime locations, reinforcing its commitment to delivering sustainable growth and value to shareholders,” stated CHGP.

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.