Solarvest buys RM49m office space in Solarvest Tower from Chin Hin Group

SOLARVEST Holdings Bhd is purchasing four levels of office space, 200 parking bays, and a rooftop retail unit in the under-construction Solarvest Tower from Chin Hin Group Property Bhd for RM48.73 million.

This transaction is considered a related party transaction due to shared shareholders between the two companies.

Chin Hin Group Bhd (CHGB) holds a 57.13% stake in Chin Hin Property, and CHGB’s major shareholders, Datuk Seri Chiau Beng Teik and his son Chiau Haw Choon, collectively own 11.95% of Solarvest.

Beng Teik is the chairman of Chin Hin Property, and Haw Choon is an executive director.

Solarvest aims to establish its new headquarters in the acquired space to support business growth and staff expansion, with a total built-up area of 39,375 sq ft.

The purchase will be financed through a mix of internally generated funds and bank borrowings.

Solarvest Tower, located in Bangsar South, is expected to be completed by March 2028, with construction currently 40% completed.

The acquisition is anticipated to be finalized by the second half of 2024. –TMR