Chin Hin Property details RM449.4 mil first industrial project in Kota Damansara

PETALING JAYA (July 25): Chin Hin Group Property Bhd (CHGP) has outlined plans for its first industrial development — a RM449.43 million gross development value (GDV) warehouse hub in Kota Damansara — as part of its proposed RM66 million acquisition of an industrial property from Signature Cabinet Sdn Bhd.

The shareholder circular, in a Bursa Malaysia filing on Friday (July 24), had disclosed that the group intends to redevelop the four-acre leasehold site into The NeX, a nine-storey integrated industrial-commercial hub comprising 242 warehouse units. The proposed development marks CHGP's first entry into the industrial property segment, broadening its portfolio beyond residential developments.

According to the circular, the gross development cost (GDC) for The NeX is estimated at RM361.63 million. The sales gallery opened in June 2026, while development order (DO) and building plan applications were submitted on July 15, with approval expected by August 2026. The project is targeted for launch in September 2026 and completion in the third quarter of 2030.

The site, currently occupied by a factory and office building, has an appraised market value of RM66.36 million, based on an independent valuation by KGV International Property Consultants (M) Sdn Bhd. The approximately four-acre leasehold property has a tenure expiring on Oct 18, 2106, leaving about 80 years remaining.

Financing and governance

CHGP's indirect wholly-owned subsidiary, Boon Koon Capital Sdn Bhd, will fund the RM66 million purchase consideration through 30% internally generated funds (RM19.8 million) and 70% bank borrowings (RM46.2 million). The group has also received an indicative non-binding term sheet from AmBank Islamic Bhd for a 54-month financing facility of up to RM109.5 million.

The circular was issued ahead of CHGP's Extraordinary General Meeting (EGM) on Aug 13, where non-interested shareholders will vote on the proposed acquisition.

As the deal constitutes a related-party transaction (RPT) arising from common directorships and shareholdings, the interested directors and major shareholders will abstain from deliberating and voting on the proposal.

The board, excluding the interested directors, has recommended that non-interested shareholders vote in favour of the proposed acquisition. Independent adviser BDO Capital Consultants Sdn Bhd has advised the non-interested shareholders in relation to the proposal.

The vendor, Signature Cabinet Sdn Bhd, is a wholly-owned subsidiary of Signature International Bhd.

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