Yong Tai secures RM461 mln en bloc sale for Impression City

KUALA LUMPUR: Property developer Yong Tai Bhd has recorded an en bloc sale worth RM461 million from phase 1A of its mixed development, Impression City, in Melaka by entering into a sale and purchase agreement (SPA) with Orient Venture Properties Bhd.

Yong Tai chief executive officer, BooKuangLoon, saidthecompany had also locked in RM412 million worth of fit out contracts 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 results for the 2017 financial year,” he said in a statement today.

He said the SPA with Orient Venture Properties are among five agreements signed by the company to kick start the Impression City project which has a gross development value of RM5.4 billion.

Yong Tai also signed a strategic cooperation agreement with Golden Bridge United Holdings Group (H.K.) Ltd in relation to the investment, financing, marketing, construction, as well as, sales and repurchasing of Impression Melaka and Impression City projects.

It also inked a collaboration framework agreement with HuaXinPuHuiAssetManagement to bring in investors and/ or purchasers for the projects.

“The asset management and propertyinvestmentcompanywill also provide consultation on sales, marketing and promotion, as well as, provide asset management services to Yong Tai for the properties developed within Impression City,” Boo said.

He said Yong Tai had also appointed the Sixth Engineering Bureauof ChinaCityConstruction Holding Group Company as the main contractor for works related to phase 1A of Impression City through a memorandum of understanding ( MOU) signed between both parties.

He added that the company was also finalising and securing the investment and/or financing of about RM800 million from Golden Bridge to facilitate the implementation of the Impression Melaka and Impression City projects.

Boo said besides Yong Tai, its subsidiary, PTS Impression Sdn Bhd, had entered into ticket sale agreements with three companies for the sale of Impression Melaka show tickets overseas. — Bernama