Hap Seng to launch 4 projects despite slowdown

KUALA LUMPUR: Hap Seng Land Sdn Bhd (HSL), the property arm of Hap Seng Consolidated Bhd, expects to launch three or four projects over the next six months despite the economic uncertainty.

Datuk Paul Ng Kee Seng ... HSL will launch two or three projects in Sabah and one in the Klang Valley.

HSL chief executive for property division Datuk Paul Ng Kee Seng said the company would launch two or three projects in Sabah and one in the Klang Valley.

HSL’s current projects in Sabah include the Kingfisher Palm Homes, a high-end township in Kota Kinabalu; Bandar Sri Perdana, a 62.5ha mixed development in Lahad Datu; Bandar Sri Indah, a 342ha township in Tawau; and Astana Heights, a township in Sandakan.

Meanwhile, Ng said the first phase of D’Alpinia, HSL’s township development in Puchong, was in advanced stage of completion.

“This phase features 154 terrace and semi-detached homes costing RM300,000 to RM400,000 each,” he said.

Ng said this after a briefing to promote Hap Seng’s first environment awareness campaign for tenants of its flagship development, Menara Hap Seng, and the surrounding community.

The group purchased Menara Hap Seng in Kuala Lumpur from MUI Properties Bhd in 2004 for RM167mil and converted it into an integrated office-cum-retail building.

The property was refurbished with environmentally sustainable features, including energy-saving elements, for RM60mil in late 2007.

“The cost of including environmentally sustainable features is minimal when it is incorporated in the planning stage of the development instead of adding it on later,” Ng said.

The two-month campaign starting Aug 1 would include activities such as treasure hunts, exhibition and environment education talks.

“Menara Hap Seng can play a positive role in encouraging urban Malaysians to embrace a ‘green’ lifestyle from proactively conserving water, electricity and paper to opting to walk instead of drive,” Ng said.

He hopes the campaign will also attract visitors to the office complex’s podium that has about 30 retail as well as food and beverage outlets.

By The Star

Hap Seng scouting for properties in KL

A few parties have offered Hap Seng Consolidated prime commercial buildings in Kuala Lumpur but it would only consider buying if the price is right.

Plantation and property group Hap Seng Consolidated Bhd said it has been offered prime commercial buildings in Kuala Lumpur but it would only consider buying if the price is right.

"There are a few parties who have offered us. But they are asking too much. We will do due diligence only if we think the offer is good," said Datuk Paul Ng Kee Seng, the chief executive of Hap Seng Land Sdn Bhd, the property arm of Hap Seng.

Hap Seng is scouting for properties in Kuala Lumpur to build up its investment portfolio.

The group is now in the process of acquiring one building half of Menara Citibank in Kuala Lumpur for around RM300 million.
Menara Citibank, previously known as Menara Lion, is parked under Inverfin Sdn Bhd, which is 50 per cent held by US lender Citigroup. Singapore's CapitaLand Ltd has 30 per cent and Amsteel Corp Bhd holds 20 per cent.

Hap Seng is buying the portion owned by CapitaLand and Amsteel.

Menara Citibank would be the second major acquisition by Hap Seng. In 2004, it bought the 22-storey MUI Plaza from the MUI Group.

Hap Seng spent some RM60 million on the purchase, including refurbishing the building.

Meanwhile, Ng told reporters at a briefing on its green lifestyle@The Podium campaign at Menara Hap Seng in Kuala Lumpur yesterday that the group would continue to adopt green features in all its housing developments and future buildings.

The campaign, which runs for two months starting August 1, is to create awareness on the environment and promote healthy living.

During the course of the campaign, some activities like a walk in Kuala Lumpur, treasure hunts, exhibition and talks will be carried out.

Mobile phone maker Nokia will also lend its support by planting a tree for every used mobile phone dropped in its recycle kiosk.

By Business Times (by Sharen Kaur)