THE EDGE MARKETS: Yong Tai bags RM873m worth of sales, project

KUALA LUMPUR (Oct 26): Yong Tai Bhd has sold en bloc RM461 million worth of properties in Phase 1A of its RM5.4 billion Impression City mixed development in Melaka to Orient Venture Properties Bhd.

KUALA LUMPUR (Oct 26): Yong Tai Bhd has sold en bloc RM461 million worth of properties in Phase 1A of its RM5.4 billion Impression City mixed development in Melaka to Orient Venture Properties Bhd.

Yong Tai group chief executive officer Boo Kuang Loon said the group has also locked in a fit out contract worth RM412 million with Orient Venture Properties to carry out the renovation works on the property.

“The RM461 million property sales and RM412 million worth of fit out contract are expected to contribute positively to our 2017 financial results,” he said in a statement today.

Yong Tai is also finalising and securing the investment and/or financing of approximately RM800 million from Golden Bridge United Holdings Group (HK) Ltd to facilitate the implementation of its Impression Melaka and Impression City projects.

Yong Tai shares closed one sen or 0.82% higher at RM1.23, with a market capitalisation of RM195.2 million.

THE EDGE MARKETS – http://www.theedgemarkets.com/my/article/yong-tai-bags-rm873m-worth-sales-project27/10/16

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