PETALING JAYA: Chin Hin Group Property Bhd aims to generate RM3.73 billion in gross development value (GDV) from on-going and future developments in the next two years.
In a press statement issued today, the group said it is spending RM268 million to acquire 81.9 acres of land for the development of five different property projects situated in the Klang Valley. This is in line with the group’s overall strategy to aggressively expand its property development segment.
Chin Hin executive director Chiau Haw Choon (pix) said it intends to expand its portfolio of developments to various growth corridors in the Klang Valley such as Serendah, Bandar Kinrara, Bangsar South, and Cyberjaya. The types of developments that are being proposed include townships, serviced apartments, mixed-use developments and offices.
He said with the increasing prospect of effective Covid-19 vaccination this year, there is optimism that the property market will see a turning point soon. Also, historic low interest rates and various homeownership incentives will certainly bring some vibrancy to the market.
“As a developer, this is a good time for us to seize opportunities with the currently attractive land prices and expand our landbank at strategic locations. This will ensure that the group has a clear and sustainable growth plan ahead. We are targeting to launch these properties in one to two years’ time in line with the expected recovery of the property market,” said Chiau.
A filing with Bursa Malaysia today showed Chin Hin’s latest proposal to acquire an 11.53-acre land in Cyberjaya for RM50.22 million, as part of the group’s continuous efforts to replenish its landbank at better and accessible locations for potential development. Barring any unforeseen circumstances, the acquisition is expected to be completed by the second quarter of 2021.
“Estimated to generate RM1.1 billion in GDV, Chin Hin has proposed to construct a mixed-development on this freehold land that is currently vacant. We chose this because of its strategic location in Cyberjaya which has seen significant development over the years driven by the investment and presence of global tech companies, prevalence of universities and other amenities, and well-planned infrastructure. The proposed acquisition to build up the landbank and property development pipeline of Chin Hin is expected to contribute positively to the group in the next five years and improve its earnings visibility,” Chiau said.
