MALACCA: Property developer Yong Tai Bhd has recorded sales of RM461mil from Phase 1A of the mixed development Impression Malacca City here by entering into a sale and purchase agreement (SPA) with Orient Venture Properties Bhd.

Yong Tai Group chief executive officer Boo Kuang Loon said the company had also secured RM412mil worth of contracts with Orient Venture Properties to carry out the renovation works on the property.

“The RM461mil property sales and RM412mil worth of contracts are expected to contribute positively to our 2017 financial results,” he said.

At the same time, Yong Tai is finalising and securing the investment and financing of approximately RM800mil from Golden Bridge United Holdings Group from Hong Kong to facilitate the implementation of the Impression Malacca and Impression City projects.

In the strategic cooperation agreement between Yong Tai and Golden Bridge, both parties have mutually agreed to cooperate in relation to the investment, financing, marketing, construction as well as sales and repurchasing of the Impression Malacca and Impression City projects.

A collaboration framework agreement between Yong Tai and Hua Xin PuHui Asset Management will bring in investors to purchase, rent or invest in the properties developed surrounding the Impression City.

A sale and purchase agreement (SPA) between Yong Tai’s subsidiary YTB Impression Sdn Bhd and Orient Venture Properties will see the latter acquiring the entire 262 units of retail lots and lofts in Phase 1A of Impression City.

A memorandum of understanding was also signed between Yong Tai and the Sixth Engineering Bureau of China City Construction Holding Group Company which is the main contractor for works related to Phase 1A of Impression City.

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The final deal was a ticket sale agreement between Yong Tai’s subsidiary PTS Impression Sdn Bhd and Apple Impression for sales of Impression Malacca show tickets in Asian countries, Japan, Taiwan, Hong Kong, South Korea and Macau as well as GTC Travel and Tours Sdn Bhd for the sales of Impression Malacca show tickets in Guangdong, Guangxi, Yunnan, Guizhou, Chongqing and Sichuan provinces in China.

The signing ceremony was witnessed by the Governor of Malacca Tun Mohd Khalil Yaakob and Malacca Chief Minister Datuk Seri Idris Haron.