Chin Hin Group Property completes RM91 mil Seri Kembangan land acquisition for 380-unit housing project

PETALING JAYA (July 17): Chin Hin Group Property Bhd (CHGP) has completed the acquisition of two parcels of leasehold land in Seri Kembangan, Selangor, for RM91 million.

The acquisition was completed today, following full settlement of the purchase price to the vendor’s solicitors pursuant to the sale and purchase agreement (SPA), the group said in a Bursa Malaysia filing.

The purchase was undertaken by its wholly owned indirect subsidiary Chin Hin Property (KL) Sdn Bhd (formerly known as Tebrau Land Sdn Bhd), which entered into the SPA with Trident Treasure Sdn Bhd on Nov 26, 2025.

The two parcels — PT 62420 and PT 62421 in Taman Puncak Jalil, Bandar Putra Permai — have a combined land area of 104,714.99 sq m (about 1.13 million sq ft), translating to approximately RM80 per sq ft. The land is leasehold for 99 years, expiring on June 9, 2103.

The group plans to develop the land into 380 units of three-storey terrace houses, based on a proposed amended planning permission (New KM) submitted by the vendor, subject to approvals.

The project has an estimated gross development value (GDV) of RM560 million and gross development cost (GDC) of RM448 million. Construction is expected to begin in the fourth quarter of 2026, with completion targeted by end-2029.

The acquisition is funded through a combination of internally generated funds and bank borrowings, with the final funding mix to be determined after taking into account the group’s gearing, interest costs and cash reserves.

CHGP said the purchase price was agreed on a willing-seller, willing-buyer basis, with indicative land values in the surrounding area estimated between RM70 and RM85 per sq ft based on informal discussions with a valuer familiar with surrounding land values.

The acquisition is in line with CHGP’s strategy to source new landbank and expand its property development segment.

The transaction, with a highest percentage ratio of 22.07%, is classified as a non-related party transaction under Chapter 10 of Bursa Malaysia’s Main Market Listing Requirements. It does not require shareholders’ approval.

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