Hap Seng ... Feb 2009

It aims to buy more land and buildings in Peninsular Malaysia to grow its property portfolio. 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.

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.

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 Sharen Kaur