OCR Group Berhad (“OCR” or the “Group”), an integrated real estate company specialising in property development, construction and project management, has entered into a Heads of Agreement (“HOA”) with Dato’ Howard Chew Si Hoo for the proposed acquisition of a 49% equity interest in Chester Properties Sdn. Bhd. (“Chester Properties”). Chester Properties is a well-established property and investment consultancy firm in Malaysia, whose two of its other shareholders holding 51% are licensed Real Estate Advisors (“REA”).
The acquisition will be fully satisfied via the issuance of new OCR shares priced at RM0.041 each, pending the execution of the Definitive Agreement. The HOA allows OCR to conduct a due diligence exercise over a 60-day period and to execute the Definitive Agreement within 70 days from the HOA, subject to satisfactory outcomes.
Founded in 2010, Chester Properties operates as a real estate agency network comprising a team of 17 REA, 516 Real Estate Negotiators (“REN”) and more than 4,000 agents and has 15 branches spread out across Klang Valley, Johor, Melaka, Negeri Sembilan and Sarawak.
Chester Properties is known for its strong presence in residential and commercial property marketing especially condominiums, landed residential, shop lots and offices. The firm has a proven track record in connecting developers with a wide network of buyers and investors, Chester Properties is currently appointed as the marketing agent for several developers/development projects.
The strategic collaboration is expected to enhance OCR’s route-to-market capabilities, strengthen buyer acquisition, and support the acceleration and roll-out of future developments.
Group Managing Director of OCR Group Berhad, Billy Ong Kah Hoe commented,
“The proposed acquisition of Chester Properties marks another key milestone in our strategic roadmap to expand OCR’s footprint and unlock greater value across the real estate value chain. We believe this collaboration will allow us to tap into new buyer segments and bring a more integrated offering to the market.
With Chester’s strong agency network and our development pipeline, this partnership is expected to enhance market reach and support the roll-out of our upcoming projects, including Residensi Begonia (Phase 2 of our Kyra development in Shah Alam) and a contemporary high-rise lifestyle development in Jalan Alor. This partnership is synergistic and forward-looking.”
Dato’ Howard Chew, Founder and Executive Chairman of Chester Properties, added,
“We are excited about this partnership with OCR, which marks the beginning of a more dynamic chapter for Chester. By aligning our marketing expertise with OCR’s solid development portfolio, we can create a stronger, more competitive value proposition for homebuyers and investors alike.
Together, we look forward to innovating the way properties are brought to market and delivering greater impact across the industry.”
The HOA signifies OCR’s continued commitment to strengthening its market position, enhancing distribution capabilities, and building a resilient ecosystem that supports sustainable growth in Malaysia’s dynamic property sector.
For more information, visit https://ocrbhd.com/.
