CHGP buys Penang land for RM40mil

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

In a filing with Bursa Malaysia, CHGP said the proposed acquisition was in line with the group’s strategy to source for new land bank 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.”