CHGP'S UNIT ACQUIRES LAND IN CYBERJAYA FOR RM50.22 MLN
KUALA LUMPUR, Feb 8 -- Chin Hin Group Property Bhd’s (CHGP) wholly-owned subsidiary, Boon Koon Capital Sdn Bhd has entered into a sale and purchase agreement with SMD Real Estate Sdn Bhd to acquire a parcel of land in Cyberjaya for RM50.22 million.
In a filing with Bursa Malaysia today, it said the proposed acquisition will be funded via a combination of internally-generated funds, bank borrowings and fundraising exercise.
CHGP said the proposed acquisition of land in Cyberjaya, a town where the Multimedia Super Corridor is located, augurs well with the group’s strategy to strengthen its property development presence in the Klang Valley.
At this juncture, it said it’s too preliminary to ascertain the total costs to develop the land, expected timeline or estimated profits to be derived as it has yet to finalise the development plans for the land.
“Nevertheless, given the strategic location of the land and barring any unforeseen circumstances, the board is confident that the land has good development potential which will contribute positively to the earnings of CHGP group in future,” it added.
-- BERNAMA
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