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Friday, July 17, 2009

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)

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