KUALA LUMPUR (June 25): Chin Hin Group Property Bhd (KL:CHGP) said it has entered into a deal to revive an abandoned residential project in Bandar Hulu Kelang, just outside Kuala Lumpur.

The project will comprise 1,449 units of serviced apartments with an estimated gross development value of RM883 million, the company said in a statement on Thursday.

The project is targeted for phased launches beginning in the second quarter of 2027, with completion expected by the third quarter of 2033.

The freehold site, measuring 27,235 square metres, previously saw the “MM Residensi” project abandoned after construction reached about 20% completion. Chin Hin said the revived scheme would constitute a new development, and the company is not liable for any claims, obligations or disputes arising from the earlier project.

Under the new joint-venture deal, Chin Hin will pay the proprietor of the land, EC Properties (M) Sdn Bhd,
a reimbursement sum of RM80 million in exchange for the exclusive development rights.

Of this, RM32 million will be satisfied via redeemable preference shares at an issue price of RM1, and RM48 million in cash, which will be funded via bank borrowings.

Chin Hin's share price last traded at RM1.06, giving the company a market capitalisation of RM1.48 billion.