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Tuesday, February 3, 2009

Hap Seng eyes more land, commercial properties

SABAH'S largest property developer, Hap Seng Consolidated Bhd, aims to buy more land and buildings in Peninsular Malaysia to grow its property portfolio, a company source said.

The company is eyeing a few commercial properties within the Kuala Lumpur city centre area and land in strategic areas within the Klang Valley.

"Hap Seng is still in negotiations with the parties concerned. It will acquire only if the price and location is right," the source told Business Times.

Hap Seng's first property acquisition in the Klang Valley was Menara Hap Seng (previously MUI Plaza) and the adjoining land, which it bought from MUI Properties Bhd for RM190 million in 2004.
It also bought 30.88ha of leasehold land in Puchong to develop D'Alpinia, a low-density and gated development.

Developments have started at D'Alpinia, its first high-end mixed-housing project outside of Sabah.

It features terrace homes, semi-detached units, townhouses, bungalows, condominiums and commercial units developed under a build-then-sell concept.

Hap Seng is due to launch phase 1A, comprising 154 units of terrace homes and semi-d's, in the second half of this year.

"The units are almost completed and will open for sale from the third quarter. Hap Seng is optimistic due to high registration for the properties. Demand will accelerate as there has been no major supply of new products in the market," the source said.

Hap Seng's other projects are the Kingfisher Palm Homes, featuring terrace houses, semi-detached homes and bungalows in Kota Kinabalu; Bandar Sri Perdana, a 62.5ha mixed-development in Lahad Datu; and Bandar Sri Indah, a 342ha self-contained township in Tawau.

By Business Times (by Sharen Kaur)

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