CHGP’s RM66m Kota Damansara property deal becomes unconditional

PETALING JAYA (Sept 10): Chin Hin Group Property Bhd’s (CHGP) sale and purchase agreement (SPA) to acquire an industrial property in Kota Damansara for RM66 million has become unconditional, advancing its plan to redevelop the site into an integrated industrial-commercial hub.

In a Bursa Malaysia filing on Thursday (Sept 10), CHGP said all conditions precedent under the SPA had been fulfilled, and the agreement was accordingly deemed unconditional on the same day.

CHGP had entered into the conditional SPA in March through its indirect wholly owned subsidiary Boon Koon Capital Sdn Bhd to acquire the property from Signature Cabinet Sdn Bhd, a wholly owned subsidiary of Signature International Bhd.

The property comprises a single-storey detached factory, a three-storey office and a double-storey detached factory on leasehold industrial land at Taman Sains Selangor 1 in Kota Damansara, Petaling Jaya.

RM449.43m redevelopment

In its March announcement, CHGP said it intended to demolish the existing buildings after obtaining vacant possession and redevelop the site into an integrated industrial-commercial hub comprising retail spaces, supporting facilities and car parks.

CHGP had estimated the development to have a gross development value of RM449.43 million and gross development cost of RM361.63 million.

The 16,222 sq m, or about 4.01-acre, site is held under a 99-year lease expiring on Oct 18, 2106. It was valued at RM66.36 million as at Feb 19, 2026, compared with the RM66 million purchase consideration.

CHGP had said the acquisition was in line with its strategy to expand its property development business and represented a selective move into the industrial segment. The site is accessible via the Damansara-Shah Alam Expressway (DASH) and New Klang Valley Expressway (NKVE).

Related-party transaction

The acquisition is a related-party transaction as Chin Hin Group Bhd is a major shareholder of both CHGP and Signature International.

Under the SPA, Boon Koon Capital paid a RM6.6 million deposit and is required to pay the RM59.4 million balance purchase consideration within six months from the unconditional date. The agreement provides for a one-month extension, subject to late-payment interest of 8% a year calculated daily.

CHGP had said the purchase consideration and development cost would be funded through a combination of internally generated funds and bank borrowings.

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