Yong Tai Bhd has further strengthened its foothold in the property development segment with the acquisition of two pieces of prime land in Kuala Lumpur and Melaka.
Yong Tai in statement today said it had entered into three separate conditional sales and purchase agreements (SPA) with the vendors of PTS Impression Sdn Bhd (PTSI), Yuten Development Sdn Bhd and Admiral City Sdn Bhd.
Under the SPA, Yong Tai has proposed to acquire the entire equity interest in PTSI, which holds the licence to produce and stage ‘Impression Melaka’.
The Impression series is a live theatre production that will be brought to Melaka and has been staged only in China for more than 10 years.
It has also proposed to acquire 100 per cent of Yuten, which holds a joint venture (JV) arrangement to develop 0.485 hectares (ha) of land in Jalan U-Thant, Kuala Lumpur into a high-end residential project.
Yong Tai has also proposed to acquire a 6.87ha of seafront land located in Melaka (Impression Land) for a potential development into a theatre mainly for the production of Impression Melaka.
Besides that, Yong Tai has proposed to establish a joint development arrangement to jointly develop 40.46ha of leasehold land located in Melaka, which is adjacent to the Impression Land.
“The proposals provide the company with three potential property development projects carrying a combined gross development value (GDV) of about RM5.57 billion over the next eight years in Kuala Lumpur and Melaka.
“Of the three potential projects, development projects in Melaka may potentially contribute RM5.4 billion worth of GDV, while Kuala Lumpur may potentially contribute RM168 million,” it said.
Yong Tai said these potential projects included tourism and mixed developments at Kota Laksamana, Melaka comprising Impression Melaka and Impression City projects as well as upmarket and luxury serviced apartment projects at Jalan U-Thant, Kuala Lumpur.