Yong Tai buys land, inks JV for RM5.57b Melaka, KL developments
Translated by Google Translator:
KUALA LUMPUR (Oct 26): Garments manufacturer and retailer Yong Tai Bhd (
Valuation: 0.30, Fundamental: 1.50), which is planning a mixed development next to a seafront tract where it will stage the ‘Impression Melaka’ stage performance for 30 years, today inked the agreement to acquire the land for the project.
Valuation: 0.30, Fundamental: 1.50), which is planning a mixed development next to a seafront tract where it will stage the ‘Impression Melaka’ stage performance for 30 years, today inked the agreement to acquire the land for the project.
It entered into a RM37 million conditional sale and purchase agreement (SPA) with Admiral City Sdn Bhd (ACSB) for the proposed acquisition of a 17-acre seafacing tract, dubbed ‘Impression Land’, in Melaka, according to its filing with Bursa Malaysia.
Yong Tai is also buying from other vendors, the entire stake in PTS Impression Sdn Bhd, which has a licence from China-based Impression Wonders Art Development Co Ltd to produce and stage the ‘Impression Melaka’, for RM3 million.
The performance will be part of its intended eight-year master development on 100 acres adjacent to the Impresion Land, which is expected to have an estimated total gross development value (GDV) of RM5.4 billion and estimated gross development cost of RM3.8 billion, giving rise to potential pre-tax return of RM1.6 billion.
It has also signed a conditional joint development agreement with the landowners, ACSB and its subsidiaries, for the said development.
This was pursuant to its announcement on Aug 3 that its wholly-owned unit, YTB Impression Sdn Bhd, has entered into a memorandum of understanding with ACSB to develop the land into a theatre to produce and stage live-scale tourism performances, known as the ‘Impression Melaka’.a
