Key player in the tourism and cultural development in Malacca, Yong Tai Berhad will embark on two mega property projects with GDV of RM2.3 billion.
Yong Tai Bhd has acquired two parcels of land within the Impression City project in Malacca from Mustazah Osman and Laila Endut of Laila Development Sdn Bhd for RM35 million, reported The Sun Daily.
In a Bursa Malaysia filing, Yong Tai revealed that the acquisition price will be funded via a mix of bank borrowings and/or internally generated funds.
The property developer intends to develop the six acre land into a mixed development project comprising retail units, a hotel and serviced apartments.
With a gross development value (GDV) of RM1.1 billion and a gross development cost (GDC) of RM800 million, the project, which is set to be completed in five years, will yield a potential gross profit of RM300 million.
Meanwhile, Yong Tai’s fully-owned unit YTB Impression Sdn Bhd has inked a joint development agreement with JM Bestari Land Sdn Bhd for the development of another piece of land in Melaka Tengah.
Set to be completed in five years, the project will include retail, office and commercial units.
It is expected to have a GDV of RM1.2 billion and a GDC of RM800 million, resulting to a potential gross development profit of RM400 million.
Among news developments in Melaka are:
Image sourced from Yong Tai
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
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