YNH Property and Chin Hin—along with the land’s registered proprietor, New York Empire Sdn Bhd—have now agreed to revoke that agreement and proceed with a direct land sale to Chin Hin.
The property developer highlighted that one of its key JV projects, Solasta Dutamas — a three-tower residential development in Mont Kiara with a gross development value of RM771 million — is progressing well and is on track for completion in 2026.
The review also found that many JV companies shared common addresses and company secretaries.
The company told Bursa Malaysia on Thursday that its audit committee convened a meeting on March 25 to receive an update from Messrs UHY on the draft special independent review (SIR) report.
"The company is closely monitoring the progress, and will release further announcements if there are any significant developments.
The property developer informed Bursa Malaysia that UHY is in the final stages of completing the assessment, with the remaining pending items being cheque images from the bank.
The property developer’s bourse filing on Wednesday announcing the redesignation did not disclose the reason behind the boardroom change.
Morison LC PLT noted that during FY2024, certain turnkey contracts were terminated or deemed incomplete, leading to the reclassification of RM66.
YNH Property in January announced its plan to sell the seven-storey retail shopping centre to Sunway REIT for RM215 million in cash.
The independent assessment was initiated after its former statutory auditor, Baker Tilly Monteiro Heng PLT, issued a qualified opinion on a sum totalling RM1.
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