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Saturday, October 29, 2016

IMPRESSIONS MELAKA PROJECT

Phase 1A of Impression City rakes in RM461 mil in sales

MELAKA (Oct 26): Tourism and cultural property developer Yong Tai Bhd has recorded en-bloc sales of RM461 million from Phase 1A of mixed-use development Impression City here.


The group said in a statement today that it has entered into a Sale and Purchase Agreement with Orient Venture Properties Bhd on the en-bloc sale.


Group chief executive officer Boo Kuang Loon (pictured) said the company has also locked in a RM412 million worth of fit-out contract with Orient Venture Properties to carry out renovation works on the property.


“The RM461 million property sales and RM412 million fit-out contract are expected to contribute positively to our 2017 financial results,” Boo added.


The group is also finalising and securing an investment and/or financing of about RM800 million from Golden Bridge United Holdings Group (H.K.) Limited (Golden Bridge) to facilitate the implementation of the Impression Melaka and Impression City projects.  


Yong Tai has also entered into five separate agreements with Golden Bridge, HuaXin PuHui Asset Management Co Ltd, Orient Venture Properties, the 6th Engineering Bureau of China City Construction Holding Group Company, Apple Impression Sdn Bhd, GTC Travel & Tours Sdn Bhd and Guangxi Gulf Culture Star Co Ltd to kick start the RM5.4 billion gross development value Impression City project today.


The signing ceremony was witnessed by the Yang di-Pertua Negeri Melaka Tun Utama Mohd Khalil Yaakob and Chief Minister of Melaka Datuk Seri Idris Haron.


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