Hap Seng Land chief executive (property division) Datuk Paul Ng Kee Seng said the time was right for cash-rich companies with a good reputation and access to credit lines to go bargain hunting and acquire prime properties or land in good locations.
Datuk Paul Ng Kee Seng posing at the refurbished building.
“In times of crisis, there are opportunities and we are in a good financial position to acquire properties or land, particularly in the Klang Valley as the demand for office and retail space remains strong,” he pointed out.
He was speaking to reporters after a Chinese New Year celebration at the company’s refurbished 22-storey Menara Hap Seng (formerly MUI Plaza).
Asked if Hap Seng Land was in talks with any parties for immediate property or land acquisitions, he said talks were “always ongoing” but that nothing had been finalised.
Ng had said in earlier reports that the company was pursuing niche property development in the Klang Valley.
Hap Seng Land purchased Menara Hap Seng from MUI Properties Bhd in 2004 for RM167mil and converted it into an integrated office-cum-retail building.
“The refurbishment of Menara Hap Seng, which cost RM60mil, was completed in December 2007 and is now fully tenanted,” Ng said.
According to Ng, Menara Hap Seng has rental rates of between RM5 and RM6 per sq ft for office space and RM5 to RM20 per sq ft for retail space.
Besides Menara Hap Seng, Hap Seng Land has 76.30 acres of leasehold land in Puchong where it is developing landed properties.
By The Star
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