KUALA LUMPUR: Chin Hin Group Property Bhd (CHGP) is targeting to more-than-double its financial year 2023 (FY23) sales to RM460mil, backed by project launches in strategic, well-sought-after locations.

CHGP executive director Chiau Haw Choon said reception for the group’s ongoing developments have been well received so far, adding that he was also optimistic about prospects for the company’s future projects.

“We believe that this year’s launches will be well-received as they are in strategic, well-sought-after locations. They are also designed for liveability and are located in the vicinity of a public transit network,” he told StarBiz.

CHGP currently has two development projects, namely, 8th & Stellar (a mixed development in Sri Petaling) and Quaver Residence (a residential development located in Sungai Besi), both in the Klang Valley.

According to Chiau, 8th & Stellar, comprising apartments, offices and retail spaces, is due for completion by the fourth quarter of 2023.

“The residential units (660 units of serviced apartments) are almost fully sold, while Quaver Residence has achieved a take-up rate of 50% (684 units of serviced apartments and duplexes).”

Earlier this month, CHGP announced it was tying up with Ivory Properties Group Bhd to jointly develop the Crown Penang, a sustainability-focused, low-density serviced residence development. The development marked its maiden foray into Penang.

“The 41-storey Crown Penang has an estimated gross development value (GDV) of RM475mil. It will comprise 588 units of residences featuring cutting-edge smart home technologies within a tranquil urban resort setting,” said Chiau.

He added that the development is targeted to be completed in 2027 and will be ideal for owner-occupiers, upgraders and vacation home investors.

For the second half of the year, CHGP is planning two new launches in the residential segment, namely, Avantro Residences in Bandar Kinrara and Ayanna Resort Residences, a freehold residential development in Bukit Jalil.

Both developments will have a total GDV of RM1.36bil. Chiau said both Avantro Residences and Ayanna Resort Residences were strategically located.

“Avantro Residences is located 180 metres to the Kinrara BK5 LRT station and four kms away from the newly-opened Pavilion Bukit Jalil, while Ayanna Resort Residences is 4.5 kms away from the Alam Sutera LRT Station and 4.5 kms from Pavilion Bukit Jalil.

“Both are surrounded by ample leisure, education, shopping and healthcare facilities and amenities that have propelled the growth of the Kinrara-Bukit Jalil neighbourhood as one of the most liveable areas within the Klang Valley.”

In the office category, Chiau said CHGP will launch its first commercial development, Solarvest Tower, in August. “In the pipeline, CHGP is developing a new project in Serendah, which has an estimated GDV of RM340mil. The project is targeted to be launched in 2024,” said Chiau, who is also the group managing director of Chin Hin Group Bhd.

On the outlook of the property market, Chiau said the situation has been improving, post-pandemic.

“Domestic spending has seen an uplift as potential buyers gain confidence in a more stable climate, despite some moderation expected from inflationary pressures and external economic headwinds.

“The government has been supportive of the growth of the real estate industry. Malaysia will continue to urbanise and the growing population will continue to look for properties that will deliver value in high-growth areas.”

Gauging from the successes of 8th & Stellar and Quaver Residence, Chiau said competitively priced projects located in proximity to public transport networks or in high-growth areas, will continue to do well.

“We look forward to continuing to deliver high-quality projects that support contemporary lifestyles in connected, safe and thriving environments priced for value leveraging on Chin Hin Group’s value chain.”

Chiau said CHGP will be looking to acquire more strategic land banks in high-growth areas. “For FY23, we are more than doubling our sales target to RM460mil from RM220mil achieved last year,” he said.

Source: https://www.thestar.com.my/business/business-news/2023/05/22/chin-hin-to-doublefy23-sales-to-rm460mil