Chin Hin Group Property Bhd is set to transform a long-dormant development site in Bandar Ulu Kelang, Gombak, into a residential project with an estimated gross development value (GDV) of RM883 million.
The project, done via Chin Hin’s indirect wholly owned subsidiary, Chin Hin Property (Melawati) Sdn Bhd and EC Properties (M) Sdn Bhd, will comprise 1,449 service apartment units on two freehold land parcels measuring approximately 27,235 sq m that was previously part of a stalled development and has remained inactive for several years.
Under the joint development agreement (JDA) both signed, Chin Hin Property (Melawati) will pay RM80 million for the exclusive development rights, with the consideration be satisfied through RM48 million in cash and RM32 million through the issuance of redeemable preference shares at the subsidiary level.
The redevelopment is subject to the fulfilment of conditions precedent and regulatory approvals, with the first phase targeted for launch in the second quarter of 2027 (2Q27), while full project completion is expected by 3Q33.
A key component of the JDA is the resolution of legacy issues associated with the site, including claims from previous purchasers. EC Properties is responsible for settling these matters, completing the principal land acquisition and registering the land within 12 months before development can commence.
Barring unforeseen circumstances, Chin Hin expects the project to contribute positively to future earnings while adding meaningful GDV to its medium-term development portfolio.
