KUALA LUMPUR (Sept 10): Chin Hin Group Property Bhd (KL:CHGP) is partnering with duty-free retailer Atlan Holdings Bhd (KL:ATLAN) to jointly undertake a high-rise project in Johor Bahru, with an estimated gross development value of RM478.42 million.

The two companies will develop two blocks of serviced apartments, featuring 1,260 residential units, 10 retail lots, and multi-storey car parks, on the 4.29-acre land, they said in separate bourse filings.

Under the deal, Atlan will be entitled to 18% of the project's net saleable area, as its indirect subsidiary Kelana Megah Sdn Bhd is the beneficial owner of the land during a 99-year leasehold period ending in 2120.

The project's development cost is estimated at RM406.42 million, which will be funded by Chin Hin Group Property using proceeds from the sales of the parcel units, bank borrowings and internally generated funds.

Chin Hin Group Property group managing director Chiau Haw Choon said the joint venture was a significant step in its effort to deliver high-quality developments.

"Johor Bahru stands out as an important area for our growth, and this project is a landmark achievement as we introduce premium lifestyle residential and retail spaces to the region,” said Chiau in a statement.

Work is expected to commence in the third quarter of next year and is targeted to be completed by the third quarter of 2029.

Chin Hin Group Property’s share price closed down one sen or 0.5% at RM2, bringing the group a market capitalisation of RM1.32 billion.

Atlan’s share price settled five sen or 2% higher at RM2.60, translating into a market capitalisation of RM659 million.