KUALA LUMPUR: Orient Venture Properties Bhd has taken up the first phase of the mixed development Impression City in Malacca which is being developed by property company Yong Tai Bhd.
Yong Tai said on Wednesday it recorded en-bloc sales of RM461mil from Phase 1A when it inked a sale and purchase agreement with Orient Venture.
Yong Tai group CEO Boo Kuang Loon said the company has also locked in RM412mil worth of fit-out contracts with Orient Venture Properties to undertake renovations on the property.
“The RM461mil property sales and RM412mil worth of fit-out contract are expected to contribute positively to our 2017 financial results,” he added.
Yong Tai is also finalising a RM800mil financing facility from Golden Bridge United Holdings Group (HK) Ltd to carry out the Impression Melaka and Impression City projects.
On Wednesday, Yong Tai also signed five agreements with several companies to kick start the Impression City project which has a GDV of RM5.4bil.
The agreements were with Golden Bridge, HuaXin PuHui Asset Management Co Ltd (HuaXin PuHui Asset Management), Orient Venture Properties, the 6th Engineering Bureau of China City Construction Holding Group Company as well as with Apple Impression Sdn Bhd (Apple Impression), GTC Travel & Tours Sdn Bhd (GTC Travel & Tour) and Guangxi Gulf Culture Star Co. Ltd (Guangxi Gulf Culture Star) to kick start the RM5.4 billion Gross Development Value Impression City project.
Yong Tai had signed a strategic cooperation agreement with Golden Bridge for the investment, financing, marketing, construction as well as sales and repurchasing of the Impression Melaka and Impression City projects.
Yong Tai also signed a collaboration framework agreement with HuaXin PuHui Asset Management. HuaXin will bring in investors and/or purchasers to purchase, rent or invest the properties to be built around Impression City.
Yong Tai’s subsidiary YTB Impression Sdn Bhd inked an deal with Orient Venture where the latter will acquire the entire 262 units of retail lots and lofts in Phase 1A of Impression City.
YTB Impression also signed an MoU with the 6th Engineering Bureau of China City Construction Holding Group Company. Yong Tai will appoint 6th Engineering Bureau of China City Construction Holding Group Company as the main contractor for works related to Phase 1A of Impression City.
Yong Tai’s subsidiary PTS Impression Sdn Bhd had also signed ticket sale agreements with three parties for the sale of the Impression Melaka show tickets.