Yong Tai secures en bloc sales worth RM461m

PETALING JAYA: Yong Tai Bhd has secured en bloc sales worth RM461 million and a fit out contract worth RM412 million from Phase 1A of Impression City, a mixed development project.
The company said in a statement yesterday that its subsidiary YTB Impression Sdn Bhd (YTB) signed a sale and purchase agreement (SPA) with Orient Venture Properties Bhd for the sale of 262 units of retail lots and lofts in Phase 1A.
The company will also carry out renovation works on the property for Orient Venture Properties under the fit out contract.
"The RM461 million property sales and RM412 million worth of fit out contract are expected to contribute positively to our 2017 financial results," said Yong Tai group CEO Boo Kuang Loon.
The company is also finalising and securing RM800 million worth of investment and/or financing from Golden Bridge United Holdings Group (H.K.) Limited, to facilitate the implementation of Impression Melaka and Impression City projects.
The two parties signed a strategic cooperation agreement yesterday in relation to the investment, financing, marketing, construction as well as sales and repurchasing of the Impression Melaka and Impression City projects.
In addition to the SPA and strategic cooperation agreement, Yong Tai also signed three other agreements namely a collaboration framework agreement, a memorandum of understanding (MOU) and a ticket sale agreement.
Under the collaboration framework agreement, HuaXin PuHui Asset Management Co Ltd will bring in investors and/or purchasers to purchase, rent or invest the properties developed surrounding Impression City.
The asset management and property investment company will also provide consultation on sales, marketing and promotion as well as provide asset management services to Yong Tai for the properties developed inside Impression City.
Meanwhile, the MOU between YTB and the 6th Engineering Bureau of China City Construction Holding Group Company is for the appointment of the latter as the main contractor for works related to Phase 1A of Impression City.
Yong Tai's subsidiary PTS Impression Sdn Bhd (PTSI) signed a ticket sale agreement with Apple Impression Sdn Bhd, GTC Travel & Tours Sdn Bhd and Guangxi Gulf Culture Star Co. Ltd for the sales of Impression Melaka show tickets.
Under the agreement, Apple Impression will manage the sales of the show tickets in Asean, Japan, Taiwan, Hong Kong, Korea and Macau while GTC Travel & Tours will manage the sales of show tickets in Guangdong province.
Guangxi Gulf Culture Star will manage the sales for show tickets in Guangxi, Yunnan, Guizhou, Chongqing and Sichuan in China.
The five agreements are expected to kick start the RM5.4 billion Impression City project.