YNH Property Extends Desa Sri Hartamas Land Sale Deadline to Sunway Until Mid-2026

KUALA LUMPUR (Nov 12): YNH Property Bhd (KL:YNH) has once again extended the deadline for the proposed sale of a five-acre freehold parcel in Desa Sri Hartamas to Sunway Bhd (KL:SUNWAY) for RM170 million, pushing the new cut-off date to June 12, 2026.

In a filing with Bursa Malaysia, the property developer said its wholly-owned subsidiary Kar Sin Bhd has entered into a new supplemental agreement with Sunway Living Space Sdn Bhd, the land’s registered proprietor Imbuhan Sempurna Sdn Bhd, and the first beneficial owner Great Wall Park Sdn Bhd.

This latest extension covers both the conditional period and the deadline to secure a new development order, marking yet another revision since the disposal was first announced in May 2023.

The previous extension, signed on May 28 this year, had set the deadline at Nov 12, 2025.

Sunway’s RM850 Million Mixed Development Plan

Sunway earlier revealed plans to develop an integrated mixed-use project on the Sri Hartamas site, featuring serviced apartments, retail lots, and wellness-focused suites — with a projected gross development value (GDV) of at least RM850 million.

The strategic location in one of Kuala Lumpur’s most established neighbourhoods strengthens Sunway’s broader portfolio of commercial property in KL, which continues to attract demand from both local and expatriate communities.

YNH Property’s Broader Development Moves

In a separate development, YNH Property recently entered into a joint venture with Genland Sdn Bhd to undertake a high-rise mixed development in Bangsar South, expected to generate RM105 million in profit for the group.

This comes shortly after YNH terminated its earlier joint venture with Chin Hin Group Property Bhd for a major KL residential project. The group's ongoing restructuring and partnership shifts reflect its strategy to strengthen cash flow and reposition future developments in key urban locations — areas seeing increased investor attention alongside corridors such as Bukit Jalil (notable for new office space in Bukit Jalil) and mature hubs like Puchong, where demand for factory space in Puchong continues to rise.

Financial Position

As of end-June, YNH Property reported:

• Cash & short-term deposits: RM31.44 million

• Total borrowings & lease liabilities: RM571.11 million

• Net debt: RM539.7 million

• Net gearing: ~0.83 times

The high gearing underscores the importance of strategic land disposals and partnership-driven developments, particularly as competition intensifies across Greater KL’s urban and suburban growth zones, including the rising appetite for industrial land in Selangor and industrial property in the Subang area.

YNH Property’s shares ended one sen higher at 26 sen, valuing the company at RM140 million, though the stock remains down by more than 50% year-to-date.