KUALA LUMPUR (Jan 13): Chin Hin Group Property Bhd has proposed to acquire a 1,943 sq metre vacant land in Kuala Lumpur for RM20.91 million to develop office lots.
The group said BK Alliance Sdn Bhd, its indirect 51%-owned unit, is buying the land from Suez Domain Sdn Bhd.
The 94-year lease on the land expires in 2112, it added in a filing with Bursa Malaysia.
"BK Alliance will be submitting a revised proposed development plan and building plan to the relevant authorities for approval.
“Therefore, it is too preliminary at this stage to ascertain the total development cost and the expected profits to be derived from the proposed development," said Chin Hin.
Chin Hin’s share price closed up four sen or 8% at 54 sen, with a market capitalisation of RM185.62 million.