KUALA LUMPUR (April 30): Chin Hin Group Property Bhd (KL:CHGP) said the deal the group entered into to develop a residential project in Taman Connaught, Cheras, has been revoked as it was unable to obtain the relevant development approval for the land.
The property developer said its wholly owned unit Avion Connaught Sdn Bhd has signed a deed of revocation with landowner Grand Uptown Sdn Bhd to formally terminate the development agreement dated Oct 16, 2025.
Following the revocation by mutual agreement, neither party would have any claim against the other in respect of the proposed development, the group said in a Bursa Malaysia filing on Thursday.
The proposed project, with an estimated gross development value of RM1.15 billion, comprised a high-rise residential development with retail and parking components on a five-acre leasehold parcel in Taman Connaught.
Under the deal, Avion Connaught was to pay RM103 million to secure full development rights, including control over the design, construction, marketing and sale of the units.
The development was projected to generate a pre-tax profit of about RM210 million for the group.
Shares of the property developer closed unchanged on Thursday at RM1.05, with a market capitalisation of RM1.46 billion.