YNH Property obtains approval for amended development order from KL City Hall for Menara YNH
KUALA LUMPUR: YNH Property Bhd (YPB) today received approval for its amended development order for its flagship Menara YNH project from Kuala Lumpur City Hall (KLCH).
Chairman Datuk Dr Yu Kuan Chon said the approval of the amended development order and building plans for Menara YNH marks a significant milestone for the company.
"We can now focus on selling residential units to the market.
"This is expected to contribute positively to the YPB's future earnings as we strive to grow shareholders' value consistently," he said in a statement.
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Menara YNH has been conceptualised as a hallmark mixed development consisting of serviced apartments, hotels, SOHO (shop-office home-office), offices, and retail space strategically located within the central business district of Kuala Lumpur.
The freehold commercial land development will take up a land area of approximately three acres, and the project's gross development value is estimated at RM3 billion.
"Being located in a 'super prime' area at the intersection of Jalan Ampang and Jalan Sultan Ismail, Menara YNH is envisioned to become a key landmark in Kuala Lumpur and one that is built with innovation and sustainability in mind, with uninterrupted views of our beautiful KL city skyline," Dr Yu added.
According to Dr Yu, the approvals from KLCH were timely as YPB plans to complete its disposal of Kiara 163 Retail Park and AEON Seri Manjung soon.
"The disposal will generate an infusion of RM422.5 million in cash to YPB, strengthening our balance sheet and allowing the company to acquire future funding required to kick-start the development of Menara YNH," he said.
YPB had earlier disclosed that RM422.5 million for the disposal of the two assets would be satisfied in cash by ALX Asset Bhd through the issuance of medium-term notes (MTNs) under an asset-backed medium-term-notes (ABS MTN) programme of up to RM500 million in nominal value.
The disposals require approval from YNH's shareholders at an extraordinary general meeting to be convened on 1 March 2023.
YPB has also disclosed that the disposal and ABS MTN Programme is a related party transaction.
As such, Dr Yu and YNH Property managing director Datuk Yu Kuan Huat have abstained and will continue to abstain from all board deliberations, meetings and resolutions about the disposals.