The Board of Directors of CHGP (“Board”) wishes to announce that Stellar Platinum Sdn Bhd (“SPSB” or “Developer”), a wholly owned subsidiary of BKG Development Sdn Bhd (“BKGD”), which in turn a wholly owned subsidiary of CHGP has on 3 May 2023 entered into a Joint Development Agreement (“JDA” or “Agreement”) with Ivory Meadows Sdn Bhd (“IMSB” or “Proprietor”) to record their mutual commitments and to regulate their rights in relation to their joint participation and operation on a parcel of freehold land held under HSD 19318, Lot 10012 Seksyen 1 Bandar Tanjong Pinang, Daerah Timor Laut, Negeri Penang measuring approximately 8,093 square meters (“Land”). SPSB and IMSB would undertake, in a joint manner, the development of the Land into a serviced residence with a 41-storey building comprising 30 levels of serviced suites, 8 levels of car park, and 3 levels of facilities and services known as “Crown Penang” (“Project”).  

Kindly refer to the attachment for further details on the JDA.

This announcement is dated 3 May 2023.