Chin Hin and Fiamma Announce RM1.03 Billion Mixed-Use Development Near KLCC
In a move set to reshape Kuala Lumpur’s luxury property landscape, Chin Hin Group Property Bhd (CHGP) and Fiamma Holdings Bhd have entered into a joint venture to develop a RM1.03 billion mixed-use project in the heart of KLCC.
The development will rise on a 1.88-acre freehold parcel owned by Fiamma’s subsidiary, Sinaran Urusjuta Sdn Bhd, located within walking distance of the Petronas Twin Towers and Suria KLCC. Under the agreement, CHGP’s unit BKG Development Sdn Bhd will acquire a 70% stake in the landholding company and lead the development.
“This joint venture brings together the strategic landholding of Fiamma and the development expertise of CHGP,” said CHGP Managing Director Chiau Haw Choon.
Prime KLCC Location: A Coveted Urban Address
The upcoming Chin Hin Fiamma KLCC development enjoys a trophy location at Kuala Lumpur City Centre. With its proximity to:
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Petronas Twin Towers
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Suria KLCC shopping mall
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KLCC Park
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MRT and LRT transport nodes
…the land stands as one of the last remaining premium plots in a tightly held, high-density urban enclave. For investors, this means strong long-term capital appreciation and rental demand, particularly from expatriates and corporate tenants.
Project Overview: Twin Towers of Urban Sophistication
The proposed mixed-use development will feature:
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Two serviced apartment towers with a total of 924 residential units
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Five retail lots for curated commercial offerings
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A podium base housing:
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Recreational amenities
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Mechanical systems
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Multi-level car park
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The project is expected to launch in Q2 2025, with completion targeted for Q1 2032. Its luxury positioning and scale aim to match — and potentially rival — some of the top residential icons in the KLCC district.
Development Control and Financial Commitments
As per the agreement, BKG Development will take full responsibility for project execution and funding, including:
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Securing bank borrowings and internal funds
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Generating revenue from off-plan sales of development units
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Repaying RM146.1 million to Fiamma, including:
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Advance payments
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Redemption of redeemable convertible preference shares (RCPS)
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CHGP will also issue a corporate guarantee to ensure compliance and financial backing for all obligations under the deal.
Related Party Transaction & Shareholder Safeguards
The deal qualifies as a related party transaction due to overlapping shareholders and directors between CHGP and Fiamma, including:
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Datuk Seri Chiau Beng Teik
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Chiau Haw Choon
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Family-linked entities such as Signature International Bhd and Divine Inventions Sdn Bhd
To maintain corporate transparency, CHGP has appointed an independent adviser to evaluate the fairness of the deal from the perspective of non-interested shareholders.
Market Reaction and Outlook
On the day of the announcement:
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CHGP shares closed flat at RM2.13, valuing the company at RM1.41 billion
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Fiamma shares gained 0.94%, ending at RM1.07, with a market cap of RM567.34 million
The project is widely expected to enhance CHGP’s property development portfolio while unlocking value for Fiamma’s land bank.
Why This Project Matters for Investors
The Chin Hin Fiamma KLCC development is significant for several reasons:
✅ One of the few remaining mixed-use projects in the KLCC vicinity
✅ Combines development expertise (CHGP) with strategic landholding (Fiamma)
✅ Expected to draw foreign buyers and high-net-worth locals
✅ Likely to be marketed with investment-grade packages, including guaranteed rental yields or lifestyle privileges
For real estate investors, this joint venture signals renewed confidence in Kuala Lumpur’s high-end residential market, especially as urban living demand rebounds post-pandemic.
Final Thoughts: Setting a New Standard in KLCC Living
With a clear development roadmap, strategic financing structure, and a dream location, the Chin Hin Fiamma KLCC development is poised to become a new landmark in the city’s luxury property skyline.
Investors, homeowners, and property watchers should keep an eye out for sales previews expected in late 2025, as competition for prime KLCC units remains fierce.