Hap Seng Land’s push for property investment

Warm welcome: Tokio Marine Insurans (M) Bhd chairman Datuk Zainal Abidin Putih (left) being welcomed by Hap Seng Consolidated Bhd chairman Thomas Karl Rapp. Tokio Marine is the anchor tenant at the newly completed Menara Hap Seng 3, which is part of the Plaza Hap Seng in Kuala Lumpur.

KUALA LUMPUR: Hap Seng Land Sdn Bhd is continuing to harness the momentum it has built in its property investment division with the coming launch of Hap Seng Industrial Hub in Shah Alam.

Director of property management Manfred Weber said the company’s first flagship industrial development, located in Section 23, Shah Alam is scheduled to be ready for launch in the first quarter of 2021.

Weber was speaking to reporters a day after welcoming anchor tenant Tokio Marine Insurans (Malaysia) Bhd into its latest office development Menara Hap Seng 3, which was completed this year.

The green wall, made up of real foliage, at the newly completed Menara Hap Seng 3, which is part of the Plaza Hap Seng development at the Jln Sultan Ismail-Jalan P Ramlee intersection in KL.

Hap Seng Land is the property division of Hap Seng Consolidated Bhd and is involved in property development and investment. Other businesses within the Hap Seng group include plantations, credit financing, automotive, trading and building materials.

Weber said the 20-acre Hap Seng Industrial Hub is a mixed industrial/commercial development comprising warehousing, manufacturing, showroom, logistics and commercial retail facilities. It offers both detached and semi-detached units for industrial offices, flatted warehousing and a commercial centre. “Logistics is obviously expanding (during this Covid-19 times). A tenant offering bathroom fixtures will be having its showroom there, as with a car repair body workshop and two restaurant tenants. We are talking to banks (to take up space there), ” he said.

There will be a total of 1.38 million sq ft of net lettable area with sizes between 9,000 sq ft and 500,000 sq ft configurations and different ceiling heights to suit small, medium and large businesses, he said.

The properties are for leasing purposes only and is part of its property investment portfolio comprising Plaza Hap Seng, Plaza Shell in Sabah and two upcoming hotels.

Menara Hap Seng 3. completed in 2020, is part of the Plaza Hap Seng complex, which comprises two other office blocks Menara Hap Seng and Menara Hap Seng 2 at the Jln Sultan Ismail-Jln P Ramlee intersection.

Hyatt Centric Kota Kinabalu has 220 rooms and is scheduled for opening in the second quarter of 2022. Hyatt Regency KL Metropolis, a joint venture with the Naza TTDI group, in the Dutamas area has 300 rooms and 100 serviced apartment units.

Plaza Hap Seng is the collective name for its three Menara Hap Seng blocks located at Jalan Sultan Ismail-Jalan P Ramlee intersection in the heart of the city.

Weber said the group was talking to five or six potential tenants for Menara Hap Seng 3 before Covid-19 put paid to relocation plans. The group is very pleased with Tokio Marine’s entry with some 500 employees.

Menara Hap Seng has a net lettable area of 200,000 sq ft. The group’s Mercedes showroom is on the retail podium of this new office block.

Tokio Marine took up 40% of the office space net lettable area. A separate 43,000 sq ft is reserved for retail.