Hap Seng Land seeking land opportunities amid downturn, receives Malaysia Book of Records award for highest indoor green wall
12 Jan 2022
Hap Seng Consolidated Bhd, via its wholly owned subsidiary Hap Seng Land Sdn Bhd, has been actively seeking land acquisition opportunities, according to Hap Seng Consolidated Group Managing Director, Datuk Edward Lee Ming Foo.
“We have been quite aggressive in terms of acquiring land during the economic downturn; it is a good opportunity to acquire good assets. For example, during the economic downturn in 2007, we acquired 50% of the Citibank building and the land which Hap Seng 2 is sitting on, that was formerly owned by E&O,” he said in a media conference on Wednesday (Jan 12).
On Jan 3, Hap Seng Consolidated announced the group will purchase a parcel of vacant commercial land on Jalan Duta here for RM868.8 million to build a mixed development, with an estimated gross development value (GDV) of RM8.7 billion.
The group has also entered into an agreement with Naza TTDI Sdn Bhd’s unit TTDI KL Metropolis Sdn Bhd to purchase 6.2ha of vacant commercial land called Met 3, Plot 7A for RM868.8 million through its wholly-owned subsidiary Sierra Positive Sdn Bhd. The acquisition is expected to be completed in the next seven months.
“As for the Met 3 acquisition, it is the last piece of land in Mont’Kiara. There are a lot of locals, expatriates that like to live in Mont’Kiara. It is a short distance from the city and surrounded by affluent neighbourhoods like Damansara Heights, Bukit Tunku, and Bangsar; this is an opportunity for us to acquire this piece of land [in the vicinity],” Lee said.
New projects in the pipeline
The group plans to roll out a total of 18 projects in the next five years, with the intention of expanding its hospitality portfolio. Hap Seng Consolidated Chairman, Thomas Rapp said these projects will be located in both west and east Malaysia, and that further details will be revealed when they are firmed up.
Three residential projects are among those in the pipeline this year, of which two will be high-rise in Kuala Lumpur. There will also be landed properties in Sabah. Hap Seng Land Chief Operating Officer, David Khor said the developer is still working out the total GDV. “The overall figure would be more or less the same as last year (or perhaps slightly better). In 3Q2021, we recorded a revenue of about RM1 billion… We are doing our best to ensure the products that will be rolled out will be applicable to the consumer [demand], with new [must-haves] such as balconies, and so on.”
Bernama also reported Khor saying that Hap Seng Land is planning to develop five hotels in the next few years. He said three will be developed in Kuala Lumpur at Jalan Kia Peng, KL Metropolis near Segambut where the Malaysia International Trade and Exhibition Centre is located, and the newly purchased Wisma KFC building in Jalan Sultan Ismail. Two will be developed in Sabah.
“The hotels will be managed by two international hotel companies, namely, Hyatt, which will operate four of our hotels, and one by Marriott. This is our first venture in hospitality development,” said Khor.
Meanwhile, the indoor green wall in the group’s Menara Hap Seng 3 has been awarded “Highest Indoor Green Wall” by the Malaysia Book of Records. Designed by Chicago-based Skidmore, Owings & Merrill, the structure is a 91.55m indoor green wall, spanning vertically across all 20 levels of office space, with over 27,000 individual pots comprising 10 different plant species.
Rapp said: “We are extremely excited to be recognised by the Malaysia Book of Records today, a testament to the group’s core strength in innovation and foresight in quality and sustainable designs.”
Located at a prominent Kuala Lumpur intersection, Menara Hap Seng 3 is the latest addition to Plaza Hap Seng, which also comprises Menara Hap Seng and Menara Hap Seng 2.
Completed in 2019, Menara Hap Seng 3 comprises 43,937 sq ft of retail net floor area and 200,204 sq ft of office net floor area, with a total of 20 office levels. All the three office towers are connected via pedestrian link bridges and basement car parks, with a wide range of F&B outlets, banking halls, medical and dental clinics and business meeting facilities.
Menara Hap Seng 3 is one of the Grade-A office buildings in the Kuala Lumpur city centre with LEED Gold Certification, GBI certification and within the MSC zone.
Source: The Edge Markets