Hap Seng to launch 2 projects with GDV of RM1.9b

KUALA LUMPUR: Hap Seng Consolidated Bhd will launch two projects in the Klang Valley this year with an estimated gross development value (GDV) of RM1.9 billion, said executive director Cheah Yee Leng.

She said the group will launch 598 units of high-end serviced apartments in Jalan Tun Razak in February with more than RM1 billion in GDV and a mixed development in Balakong in the second half of this year.

"We are still finalising the project in Balakong. We expect it to be completed by 2020 with the development in Jalan Tun Razak to be completed by 2019," she said.

Cheah was speaking to reporters after the signing of a deal in which education and consulting group Handal Group Malaysia purchased an en-bloc building at the D'Alpinia Business Park in Puchong from Hap Seng Land Sdn Bhd for RM33.9 million.

Hang Seng Land chief operating officer David Khor said the company would be focusing on foreign buyers amid the weaker ringgit.

"We see an opportunity for foreign investors as our currency is very much affordable to them; we have been seeing a lot of them coming to our developments," he added.

Meanwhile, Handal group president and chief executive officer Dr Barathan Muniyandi said the premises would be used as the city campus for the group's Putra Intelek International College.

The college, which currently occupies rented premises in Bandar Puteri, also in Puchong, is expected to move into the new premises by 2017, he added. - Bernama