Hilton to manage hotel at Menara YNH

PETALING JAYA: YNH Property Bhd has appointed Hilton Worldwide Manage Ltd to manage its proposed hotel, to be branded "Hilton Kuala Lumpur City Centre & Residences" in Menara YNH in Kuala Lumpur.

In a filing with Bursa Malaysia yesterday, the company said it had entered into a memorandum of understanding (MOU) with Hilton Worldwide on Feb 4, 2015.

Menara YNH is a mixed development comprising a hotel, offices and retail outlets with a gross development value (GDV) of over RM3 billion.

The project is located next to Concorde Hotel and Shangri-La Hotel in the city centre.

YNH had initially partnered Singapore's CapitaLand Ltd for the project, having signed a MOU in December 2006 to jointly develop the project on a 60:40 basis but the MOU was terminated in June 2007.

Another investor, Kuwait Finance House Bhd (KFH) had also pulled out of the project. KFH, which had offered to buy a 50% interest in the office component of Menara YNH, aborted its plan to buy one of the two office blocks.

Since then, the company has amended its project plan with a higher GDV of over RM3 billion from the RM2.1 billion projected originally.

YNH Property signs MoU to develop 2.39-acre land in KL

KUALA LUMPUR (Dec 21): YNH Property Bhd's wholly-owned unit Kar Sin Bhd (KSB) has signed a memorandum of understanding (MoU) with Ruby Premium Sdn Bhd (RPSB) to develop three parcels of land here.

In a filing with Bursa Malaysia today, YNH Property said KSB had also entered into sale and purchase agreement (SPA) with RPSB, wholly owned by Singapore-based Fong Yu Investments Pte Ltd, for the sale of 25/100 undivided share in the land as part of the development plan.

YNH Property said it held full development rights on the land, measuring 2.39 acres in total, after signing a turnkey construction agreement with landowner Suileem Realty Sdn Bhd on Aug 28, 2013.

"This MoU is to record the agreement in principle between KSB and RPSB for the sale of the additional 24/100 undivided share of the land to RPSB (second SPA) and also the building and renovation contract agreement (B&RCA).

"The B&RCA is to be executed by both parties upon the conditions being fulfilled within one year commencing from the date of this MoU," it said, adding that the parties are obligated to sign the second SPA on or before March 31, 2016 for the sale of the additional 24/100 undivided share in the land to RPSB.

YNH Property added that a RM28.65 million performance deposit, which is to guarantee RPSB's performance of the second SPA and the B&RCA with KSB, would be paid upon the execution of the MoU.

It also said RPSB would bear the cost of investment incurred for the proposed development while KSB was responsible for the cost of investment for the balance of the 51/100 undivided share of the land.

YNH Property shares closed one sen or 0.54% higher at RM1.85 today, giving it a market capitalisation of RM732.4 million.

YNH plans to sell hospital to Pantai Medical Centre

PETALING JAYA: Property developer YNH Property Bhd is planning to dispose of a hospital facility in Perak to Pantai Medical Centre Sdn Bhd (PMC) for RM63mil.

In a filing with Bursa Malaysia, YNH said its wholly owned subsidiary, YNH Hospitality Sdn Bhd, had agreed to enter into discussions with PMC on Dec 9 for the disposal of the facility.

YNH said the five-storey hospital facility, currently known as Pantai Hospital Manjung (PHM), is built on a piece of land measuring about 19,986 sq m in Manjung, Perak.

“This is in response to a letter dated Nov 25, 2016 received from PMC expressing its interest to acquire the property, subject to all terms and conditions being mutually agreed by the parties.”

According to reports, the RM50mil PHM project was completed in 12 months by YNH. Based on its website, PHM is a multi-disciplinary community hospital located within the commercial area of Manjung.

The 58-bed hospital houses 18 medical specialists and provides an extensive range of disciplines including anaesthesiology; general medicine; ophthalmology; general surgery; ear, nose and throat surgery; orthopaedics; and obstetrics and gynaecology.

PHM is one of 14 hospitals operated by Pantai Holdings Bhd, which is part of Parkway Pantai Ltd, a subsidiary of IHH Healthcare Bhd.

Parkway Pantai is one of Asia’s largest integrated private healthcare groups with 31 hospitals throughout the region, including Singapore, Malaysia, India, China, Brunei and the United Arab Emirates.

For its third quarter ended Sept 30, 2016, YNH’s net profit surged more than 500% to RM10.04mil from RM1.50mil in the previous corresponding period, mainly due to sales of inventories during the period.

Revenue, however, slipped to RM90.04mil from RM112.82mil in the previous corresponding period.

For the nine-month period ended Sept 30, meanwhile, the company’s net profit jumped to RM25.75mil from RM9.12mil a year earlier, while revenue was at RM246.70mil from RM259.91mil previously.

In its notes accompanying the latest earnings results, the company said it was looking forward to an improvement in the current economic climate and a relaxation in the banking guideline over the subsequent quarters for a reversal of its performance.

Perak-based YNH is controlled by low-profile businessman Datuk Dr Yu Kuan Chon, who is the chairman and executive director of the listed family-run company, as well as the single-largest shareholder with 25.75%.

The medical doctor-turned-entrepreneur caught the attention of the market in 2013 when he went on to accumulate up to more than 8% of Hong Leong Capital Bhd (HLCap), putting him in a strong bargaining position in relation to the planned buyout of the stock that is ultimately controlled by tycoon Tan Sri Quek Leng Chan of the Hong Leong group.

HLCap shares soared from RM1.42 prior to Quek’s takeover attempt in early 2013 to a record high of RM14.60 on June 17, 2014.

Read more at http://www.thestar.com.my/business/business-news/2016/12/16/ynh-plans-to-sell-hospital-to-pantai-medical-centre/#evTgxOYEtzurGhPU.99