Chin Hin Group buys Penang land for RM40mil

KUALA LUMPUR: Chin Hin Group Property Bhd (CHGP) is acquiring a plot of freehold land measuring approximately 1.218 acres within Penang Times Square from Ivory Gleneary Sdn Bhd for RM40mil.

In a filing with Bursa Malaysia, CHGP said the proposed acquisition is in line with the overall strategy of the group to source for new landbank and expand its property development segment.

“The proposed acquisition augurs well for CHGP group, as it is in line with the group’s strategy to strengthen its property development segment and at the same time, diversify its presence to Penang.”