YNHP Property Bhd

YNH Property Bhd is targeting to officially launch its RM1bil Kiara 163 suites, a mixed development project in Mont’ Kiara, Kuala Lumpur, next month (Dec 2008). The project comprises a 23-storey office tower (175,000 sq ft), two 42-storey serviced apartment blocks (595,000 sq ft), retail podium (142,000 sq ft), and an auditorium (175,000 sq ft). They have secured about RM260mil in sales for the office and retail space to-date.

The group’s other mixed-development projects, Duta Kiara 1, Duta Kiara 2, Duta Kiara 3, Duta Kiara 5, Duta Kiara 6 and Project 3KL, located in Mont’ Kiara, Hartamas and Kuala Lumpur city centre, would be launched over the next two years. These projects have a total gross development value (GDV) of about RM2bil.

Its projects in KL and Mont’ Kiara, such as the Fraser Place KL and Ceriaan Kiara, have been well received with Fraser Place KL achieving sales of about 99% and Ceriaan Kiara 87% to-date. Fraser Place KL is scheduled for completion soon, while Ceriaan Kiara will be ready by end-2009.

On the status of Menara YNH, the group had accepted Kuwait Finance House’s offer to buy 50% of the iconic “Grade A” office tower in January 2008. This property, located in the central business district, is designed by a world-renowned architect firm, Fosters and Partners. They are not in a rush to sell the second block.

The company’s dividend policy was at least 30% of profits but the group had paid a higher rate in the past few years.