YNH aborts sale of Segambut land, appoints Chin Hin Group Property to develop it instead
Chin Hin is to develop a 2,434-unit serviced apartment on the plot, which it estimated will cost about RM575 million.
Chin Hin is to develop a 2,434-unit serviced apartment on the plot, which it estimated will cost about RM575 million.
The mandatory takeover offer was triggered subsequent to Chin Hin’s acquisition of a 4.
Chin Hin said the demand for building materials in Malaysia remains robust, with economic growth expected to normalise in 2024, supported by ongoing major infrastructure projects.
Even with potentially higher debt, Chin Hin said it is an "opportune time" to increase its stake in Signature given the latter’s positive earnings prospects and synergy between the duo going forward.
The gross development cost of the project it plans to build on the plots is about RM792 million.
The plot forms part of the Penang Times Square development, and will be used to develop a multi-storey residential project.
In September, the building material specialist said it would be making the MGO for the remaining shares in Ajiya Bhd at RM1.
As part of the deal, Chin Hin Group will award construction works of the development to a member company of the Ivory group as the turkey builder.