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Tuesday, February 3, 2009

Hap Seng looking for strategic properties to acquire

KUALA LUMPUR: Property developer and plantation owner Hap Seng Consolidated Bhd is still looking to acquire commercially viable properties or land in the central Klang Valley despite the slowdown in the economy.

It wants to repeat its success with the 22-storey Menara Hap Seng (formerly MUI Plaza), which the company acquired from MUI Properties Bhd for RM190 million in 2004 and which is fully tenanted after a RM60 million refurbishment that was completed in December 2007.

Hap Seng Land Sdn Bhd chief executive (property division) Datuk Paul Ng Jee Seng said at a media briefing Tuesday that the company has good credit facilities and cash reserves to acquire properties or land in the Klang Valley. Hap Seng Land is a wholly-owned subsidiary of the company.

Ng had said in earlier reports that the company was pursuing property development in the niche segment for the Klang Valley compared to developing affordable housing in Sabah, where it is the state’s largest developer.

He added that rental rates for office space in Menara Hap Seng was between RM5 psf to RM6psf while for retail space, it stood at RM5 psf to RM20 psf depending on location.

Besides Menara Hap Seng, the company has 76.30 acres of leasehold land in Puchong where it is developing landed property.

By The Star (by Danny Yap)

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