Kuala lumpur: Chin Hin Group Property Bhd has purchased 2.63 hectares of land in Segambut, Kuala Lumpur, for RM52 million.

According to BERNAMA News Agency, the acquisition was made by its wholly-owned subsidiary, Chin Hin Property (Segambut) Sdn Bhd (CHPS), which entered into a sale and purchase agreement with New York Empire Sdn Bhd and Kar Sin Bhd. The land, originally intended for a collaborative development with Kar Sin, will now be independently developed by CHGP for a residential or mixed-use project.

Chin Hin stated that this acquisition aligns with its strategy to expand its property portfolio by acquiring land in high-potential areas of Kuala Lumpur. The developer plans to create a high-rise development on the new site, pending necessary regulatory approvals.

Chang Tze Yoong, the chief executive officer of Chin Hin Group’s property development division, highlighted that transitioning to full ownership of the land provides greater flexibility and control over the project. He expressed confidence in the project’s potential contribution to the company’s earnings growth, considering the area’s connectivity and market dynamics.