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KUALA LUMPUR (Oct 26): Yong Tai Bhd aims to develop projects with a provisional gross development value (GDV) of RM5.57 billion on three parcels of land in Kuala Lumpur and Melaka it is currently acquiring.
The garment manufacturer-turned-property developer had entered into three separate conditional sale and purchase agreements (SPAs) with the vendors of PTS Impression Sdn Bhd, Yuten Development Sdn Bhd and Admiral City Sdn Bhd, it said in a statement today.
The agreements encompass the proposed acquisition of PTS Impression and Yuten, which holds a joint-venture agreement to develop 1.2 acres of land in Jalan U-Thant, Kuala Lumpur, into high-end serviced apartments.
In addition, Yong Tai will also acquire 17 acres of seafront land in Kota Laksamana, Melaka, that may be developed into a theatre to stage ‘Impression Melaka’ -- the rights to which are owned by Yuten -- and set up a joint venture with the vendor to develop 100 acres of leasehold land next to the seafront parcel.
The projects are expected to generate RM5.57 billion over the next eight years, with the projects in Melaka worth RM5.4 billion and the KL project worth RM168 million.
The acquisitions and property development ventures are expected to provide a medium-to-long term source of revenue via the ‘Impression Melaka’ shows.
In addition, the theatre is expected to be a catalyst for growth and future development of the big parcel, said the company.
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