KUALA LUMPUR (Feb 27): YNH Property Bhd (YNH) has received approval for its amended development order for its flagship Menara YNH project from Dewan Bandaraya Kuala Lumpur (DBKL).

In a statement over the weekend, the developer said Menara YNH has been conceptualised to be a hallmark mixed development consisting of serviced apartments, hotels, SOHO (shop-office home-office), offices, as well as retail space strategically located within the Central Business District of Kuala Lumpur.

It said the freehold commercial land development will take up a land area of approximately three acres and the gross development value of the project is estimated at RM3 billion.

YNG chairman Datuk Dr Yu Kuan Chon said the approval of the amended development order and building plans for Menara YNH marks an important milestone for the group, as it now can focus on the sales of residential units to the market.

“This is expected to contribute positively to the group’s future earnings, as we strive to consistently grow shareholders’ value.

“Being located in a ‘super prime’ area at the intersection of Jalan Ampang and Jalan Sultan Ismail, Menara YNH is envisioned to become a key landmark in Kuala Lumpur and one that is built with innovation and sustainability in mind, with uninterrupted views of our beautiful KL city skyline,” he said.

Yu added that the approvals from DBKL were timely ,as YNH plans to complete its proposed disposal of Kiara 163 Retail Park and AEON Seri Manjung soon.

“The proposed disposal will generate an infusion of RM422.5 million in cash to the group and this will strengthen our balance sheet and allow the group to acquire future funding required to kick-start the development of Menara YNH,” he said.