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- The group said its wholly-owned subsidiary, Kar Sin Bhd, has signed a new supplemental agreement with Sunway's unit, Sunway Living Space Sdn Bhd, as well as the registered proprietor, Imbuhan Sempurna Sdn Bhd, and the first beneficial owner, Great Wall Park Sdn Bhd.
KUALA LUMPUR (Nov 12): YNH Property Bhd (KL:YNH) said the deadline for its proposed disposal of a five-acre freehold land in Desa Sri Hartamas to Sunway Bhd (KL:SUNWAY) for RM170 million has been further extended to mid-June 2026.
The group said its wholly-owned subsidiary, Kar Sin Bhd, has signed a new supplemental agreement with Sunway's unit, Sunway Living Space Sdn Bhd, as well as the registered proprietor, Imbuhan Sempurna Sdn Bhd, and the first beneficial owner, Great Wall Park Sdn Bhd.
The latest agreement extends both the conditional period and the deadline to obtain the new development order to June 12, 2026, according to YNH Property’s stock exchange filing.
The proposed disposal was first announced in May 2023 and has undergone several extensions since. The previous extension, inked on May 28 this year, pushed the deadline to Nov 12, 2025.
Sunway has said that it plans to undertake an integrated mixed development on the land featuring serviced apartments, retail spaces and wellness suites, with an estimated gross development value of at least RM850 million.
Separately, YNH Property inked a joint venture agreement last month with Genland Sdn Bhd to undertake a mixed high-rise development in Bangsar South, from which it expects to reap a profit of RM105 million.
The move comes less than four months after YNH Property called off its joint venture with Chin Hin Group Property Bhd (KL:CHGP) for a major residential project in Kuala Lumpur.
As at end-June, YNH Property reported cash and short-term deposits of RM31.44 million against total borrowings and lease liabilities of RM571.11 million. This left the group with a net debt of RM539.7 million and a net gearing ratio of about 0.83 times.
Shares of YNH Property closed up one sen or 4% at 26 sen on Wednesday, valuing the group at RM140 million. The counter has fallen over 50% year to date.
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.
