Chin Hin to undertake high-rise project on its own, after YNH Property revokes joint development deal

• YNH Property and Chin Hin—along with the land’s registered proprietor, New York Empire Sdn Bhd—have now agreed to revoke that agreement and proceed with a direct land sale to Chin Hin. The RM52 million security deposit that was previously paid will now be applied as the purchase consideration under the new deal.

KUALA LUMPUR (July 15): YNH Property Bhd (KL:YNHPROP) on Tuesday terminated a development agreement with Chin Hin Group Property Bhd (KL:CHGP) for an apartment project in Segambut, Kuala Lumpur, and will instead sell the 6.49-acre parcel to Chin Hin via a direct land deal.

The agreement, signed in April 2024, was intended for the joint development of the parcel into a serviced apartment project with an estimated gross development value of RM685.1 million.

YNH Property and Chin Hin—along with the land’s registered proprietor, New York Empire Sdn Bhd—have now agreed to revoke that agreement and proceed with a direct land sale to Chin Hin. The RM52 million security deposit that was previously paid will now be applied as the purchase consideration under the new deal.

With the latest move, YNH will now exit the project entirely, enabling Chin Hin to undertake the development on its own.

Under the new arrangement, all parties agreed to release each other from any obligations under the earlier agreement, according to YNH and Chin Hin's filings with Bursa Malaysia.

Chin Hin, in a statement, said it plans to independently develop the parcel into a residential or mixed-use project and that the acquisition aligns with its strategy of securing land in high-growth locations.

Shares in YNH Property closed one sen or 2.99% lower at 32 sen on Tuesday, giving it a market capitalisation of RM171.92 million. The counter has declined nearly 40% year-to-date. Meanwhile, Chin Hin ended unchanged at RM1.07, valuing the company at RM1.41 billion.

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