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KUALA LUMPUR (March 26): OCR Group Bhd (KL:OCR) is planning to acquire a 49% stake in Chester Properties Sdn Bhd, a property and investment consultancy firm, through the issuance of new shares.
In a statement, the real estate group said it has signed a heads of agreement with Chester Properties founder and executive chairman Datuk Howard Chew Si Hoo for the proposed acquisition.
The acquisition will be fully settled via the issuance of new OCR shares priced at 4.1 sen each. The heads of agreement allows for a 60-day due diligence period and the execution of the definitive agreement within 70 days, subject to satisfactory outcomes, OCR said.
Founded in 2010, Chester Properties operates a network of 17 real estate advisors, 516 real estate negotiators and over 4,000 agents across 15 branches in Klang Valley, Johor, Melaka, Negeri Sembilan and Sarawak.
The firm specialises in residential and commercial property marketing, including condominiums, landed homes, shop lots and offices, and is currently appointed as the marketing agent for several developers and development projects.
Chester Properties is currently majority-owned by two licensed real estate advisors, holding 51% of the company.
OCR, which specialises in property development, construction and project management, said the collaboration is expected to enhance its route-to-market capabilities, strengthen buyer acquisition and support the roll-out of future developments.
Group managing director Billy Ong Kah Hoe said the acquisition marks a key milestone in OCR’s strategic roadmap to expand its footprint and unlock value across the real estate value chain.
“With Chester’s strong agency network and our development pipeline, this partnership is expected to enhance market reach and support upcoming projects, including Residensi Begonia (Phase 2 of the Kyra development in Shah Alam) and a contemporary high-rise lifestyle development in Jalan Alor,” he said.
Executive chairman Howard Chew added that the partnership aligns Chester’s marketing expertise with OCR’s development portfolio, creating a stronger value proposition for homebuyers and investors. “Together, we look forward to innovating the way properties are brought to market and delivering greater impact across the industry,” he said.
Shares in OCR closed unchanged at 4.5 sen on Wednesday, giving the group a market capitalisation of RM150.3 million.
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