Chin Hin Group Property Berhad (CHGP or the Group) announces that its wholly-owned subsidiary, Chin Hin Property (Segambut) Sdn Bhd (CHPS), has entered into a Sale and Purchase Agreement (SPA) with New York Empire Sdn Bhd (NYESB) and Kar Sin Bhd (Kar Sin) for the acquisition of a strategically positioned 6.49-acre parcel of freehold land located in Segambut, Kuala Lumpur, for a cash consideration of RM52 million.
This acquisition transitions from a previous joint development agreement signed in April 2024, providing CHGP full ownership and development rights. Originally planned as a collaborative development between CHGP and Kar Sin, the land will now be independently developed by CHGP into a residential or mixed development project.
The acquisition supports CHGP’s ongoing strategy of expanding its property portfolio by securing strategically located land within high-potential areas of Kuala Lumpur.
The land in Segambut is well-connected by major highways, including the Duta-Ulu Klang Expressway (DUKE) and Jalan Ipoh, as well as public transportation such as KTM Komuter and MRT stations. The area is experiencing rapid urban growth and infrastructure improvements, making it highly attractive for residential and mixed-use developments.
CHGP plans to develop a high-rise development on the newly acquired land, subject to obtaining the necessary regulatory approvals. The project aims to meet the growing demand from young professionals, families, and local businesses seeking integrated developments offering convenient living and lifestyle amenities.
Chang Tze Yoong, Group Chief Executive Officer of the Property Development Division at Chin Hin Group Property Berhad said, “Transitioning from our previous joint development arrangement to full ownership of this prime land allows CHGP greater flexibility and control over the project’s execution and marketing. Given the area’s strong connectivity and market dynamics, we are confident this project will substantially contribute to our earnings growth”
The land’s freehold tenure and favourable zoning conditions provide CHGP with significant flexibility to deliver an innovative, lifestyle-centric mixed-use development — a concept that has proven successful in key urban growth corridors. We are confident this project will substantially contribute to our earnings growth.
Aligned with CHGP’s sustainable growth goals, this acquisition is expected to positively impact the Group’s long-term earnings and support its commitment to ESG practices by creating environmentally friendly and sustainable communities.
