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Yong Tai Inks JV For Projects In KL, Malacca
Malaysia Daily Bulletin | 27 October 2015
  • Garments manufacturer and retailer Yong Tai has acquired a 17-acre seafacing tract, dubbed ‘Impression Land’, in Malacca for RM37 million and has also entered into joint ventures for projects in Kuala Lumpur (KL) and Malacca carrying a combined gross development value (GDV) of RM5.6 billion over the next eight years.
  • The firm is also buying from other vendors, the entire stake in PTS Impression which has a licence to produce and stage the ‘Impression Malacca’ – which it plans to stage on the seafront development in Malacca – for RM3 million.
  • For the Malacca project, Yong Tai signed a conditional joint development agreement with the landowners, Admiral City and its subsidiaries for the development, while it has also entered into a joint development agreement to develop a luxury service apartment project in KL.

Significance: The acquisitions – funded through a combination of internally-generated funds and/or bank borrowings – is seen to pave the way for the group’s entry into the growing property development business segment in Malaysia, which are seen as strategic investments by the firm that will contribute to future earnings.

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