CHIN HIN ACQUIRES RM91 MLN PUNCAK JALIL LAND FOR LANDED HOUSING PROJECT

KUALA LUMPUR, Nov 26 (Bernama) -- Chin Hin Group Property Bhd (CHGP), through its subsidiary Chin Hin Property (KL) Sdn Bhd (CHPKL), has acquired two parcels of 99-year leasehold land in Taman Puncak Jalil, Selangor, for RM91 million to undertake a landed residential development.

CHGP said the acquisition was carried out by CHPKL via a sale and purchase agreement (SPA) with Trident Treasure Sdn Bhd (TTSB). The two parcels have a combined area of 104,714.99 square metres (about 1,12 million square feet). 

“CHGP plans to develop the land into a landed residential project comprising 380 units of three-storey terrace homes (20’ × 70’), replacing the previously approved layout of semi-detached units and apartments under an earlier master plan,” it said in a statement.

CHGP said the switch to terrace units is expected to improve sales uptake, reduce construction complexity and provide a more viable product mix that aligns with surrounding developments. It said internal feasibility studies indicate that the project will have an estimated gross development value (GDV) of RM560 million and a gross development cost (GDC) of RM448 million, generating an anticipated gross profit of about RM112 million.

“Subject to regulatory approvals, planning permission is expected to begin in May 2026, with the project targeted for launch in the fourth quarter of 2026 and completion by end-2029,” CHGP said. 

The group said the acquisition will be funded through a combination of internally generated funds and bank borrowings, with the final mix to be determined based on gearing and cash-flow requirements.

Group chief executive officer of the property development division, Chang Tze Yoong, said landed housing in Greater Kuala Lumpur continues to show resilient demand, particularly among young families and upgraders seeking practical layouts and long-term liveability. “This acquisition fits our strategy of focusing on high- demand residential products while expanding our footprint in growth corridors,” he added. 

CHGP said it views the acquisition as a strategic addition to its landbank in Greater Kuala Lumpur, complementing its ongoing developments such as Quaver Residence, Ayanna Resort Residences, Avantro Residences, Solarvest Suites, Crown Penang, Andalan, Aricia, Dawn KLCC and Botanica Hills.

“The group remains focused on strengthening its core property development business and delivering sustainable long-term growth through disciplined capital deployment and market-driven product planning,” it added. 

--BERNAMA