The Board of Directors of Chin Hin Group Property Berhad (CHGP) announced that CHGP has on 8 December 2023 entered into a binding term sheet (Term Sheet) with Ivory Gleneary Sdn Bhd (IGSB or Vendor) in relation to proposed acquisition of a plot of freehold land measuring approximately 1.218 acre (currently identified as Penang Times Square, Phase 4) and forming part of the land held under a master title known as Geran 172694, Lot 10024, Seksyen 10, Bandar George Town, Daerah Timur Laut, Pulau Pinang ("Master Land" or "Master Title") measuring approximately 4.922 hectares (approximately 12.1625 acres) in area ("the Land"), for a total cash consideration of MYR 40,000,000.00 only (Purchase Price).