Yong Tai's share price unchanged on Jalan U-Thant development

PETALING JAYA: Yong Tai Bhd's share price which has been on an uptrend since early April, closed unchanged at RM1.51 after it held a groundbreaking ceremony to mark the start of construction on its RM200 million gross development value project on Jalan U-Thant, Kuala Lumpur.
The project is a collaboration Yong Tai, KOF Holdings Sdn Bhd and Smallholders Development Authority (Risda).
Some 4.5 million shares changed hands. Year-to-date its share price has lost 1.9% of its value.
Impression U-Thant, its first project in KL, will consist of 10-storey condominiums on a 1.2-acre freehold land.
The built-up of the condominiums range from 782 sq ft to 1,632 sq ft for 108 units of six different types of layout priced from RM1.3 million.
Yong Tai’s CEO Datuk Wira Boo Kuang Loon said there is a growing trend of higher-end buyers who appreciate living within a low-density green enclave while at the same time seeking the exclusivity.
“Impression U-Thant is a significant property development for Yong Tai in its pursuit to offer unique lifestyle experiences to home buyers. We are confident it will set a benchmark in the property development market with its unique and brand new
offering,” he added.
The development of Impression U-Thant is expected to be completed by 2021. It will be renamed Residensi Mutiara U-Thant later.
Early birds can look forward to a 7% rebate, waiver of legal fees for sales and purchase and loan agreements for a limited period.
The groundbreaking ceremony at the site on Saturday was officiated by Sultanah of Pahang Sultanah Kalsom and accompanied by KOF Holdings chairman Tengku Fahad Mua’adzam Shah Sultan Ahmad Shah.
Also present were Yong Tai chairman Datuk Indera Syed Norulzaman Syed Kamarulzaman, Risda Deputy Director General of
Abdullah Zainal and the Senior Deputy Director of City Planning Department KL City Council Nor Fajariah Sulaiman representing the Mayor of KL.