KUALA LUMPUR (Feb 15): YNH Property Bhd’s proposed sale of a 5.098-acre freehold land in Desa Seri Hartamas to Sunway Group for RM170 million has been extended for a fourth time, pushing the deadline to May 12.
According to a bourse filing on Thursday (Feb 15), YNH’s wholly-owned Kar Sin Bhd and Sunway Bhd unit, Sunway Living Sdn Bhd, mutually agreed on Feb 9 to extend the conditional period for a further three months after the expiry of the third three-month extension.
This pushes the end date for YNH to fulfil the deal’s conditions precedent to May 12, 2024, from Feb 10.
YNH entered the deal to sell the land to Sunway Living nearly a year ago on May 12, 2023.
The conditions precedent included various approvals to be procured and documents delivered.
Under the deal, there will be an extra RM50 million added to the price tag if YNH manages to obtain a new development order from authorities for a project with a minimum plot ratio of seven within one year from May 12, 2023.
While Kar Sin is the named vendor, the land’s registered proprietor is Imbuhan Sempurna Sdn Bhd, while its first beneficial owner is Great Wall Park Sdn Bhd (GWP).
Imbuhan Sempurna and GWP are owned by Yu Teong Wei and Lau Sheng Ming.
In January this year, YNH belatedly disclosed that Kar Sin had inked a sale and purchase agreement and a supplemental agreement with GWP back in April 2022 to acquire the Desa Seri Hartamas land.
The supplemental agreement saw both parties agreeing to terminate a prior 2016 turnkey construction agreement for a mixed residential and commercial development on the land, for which Kar Sin paid a RM239.5 million security deposit.
With the cancellation of the turnkey agreement, RM150 million of the deposit paid would be recognised as Kar Sin’s payment to acquire the land, while GWP would refund the remaining RM89.5 million back to Kar Sin.
YNH shares ended half a sen or 0.76% lower at 65.5 sen, giving the group a market capitalisation of RM343.95 million.
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Source: EdgeProp.my
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