Kuala lumpur: 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 stated that the acquisition was executed by CHPKL via a sale and purchase agreement with Trident Treasure Sdn Bhd. The two parcels cover a combined area of 104,714.99 square metres.
According to BERNAMA News Agency, CHGP plans to develop the land into a landed residential project comprising 380 units of three-storey terrace homes, replacing the previously approved layout of semi-detached units and apartments. CHGP indicated that the change to terrace units is expected to enhance sales uptake and provide a more viable product mix in line with surrounding developments. Internal feasibility studies suggest the project will have an estimated gross development value of RM560 million and a gross development cost of RM448 million, generating an anticipated gross profit of about RM112 million.
The group noted that, subject to regulatory approvals, planning permission is anticipated to begin in May 2026, with the project targeted for launch in the fourth quarter of 2026 and completion by the end of 2029. CHGP mentioned that the acquisition will be funded through a combination of internally generated funds and bank borrowings, with the final mix based on gearing and cash-flow requirements.
Chang Tze Yoong, group chief executive officer of the property development division, highlighted that landed housing in Greater Kuala Lumpur continues to display resilient demand, especially among young families and upgraders. He stated that this acquisition aligns with the strategy of focusing on high-demand residential products while expanding their footprint in growth corridors.
CHGP views the acquisition as a strategic addition to its landbank in Greater Kuala Lumpur, complementing its ongoing developments. The group remains committed to strengthening its core property development business and delivering sustainable long-term growth through disciplined capital deployment and market-driven product planning.