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Hap Seng Consolidated Bhd (HSCB) intends to expand its venture into the hospitality sector and develop up to five hotels in Malaysia in the next few years, according to its chief operating officer David Khor.

The group will build a hotel on Jalan Kia Peng, in KL Metropolis and on Jalan Sultan Ismail, where it recently acquired the Wisma KFC building from Singapore-based property developer and manager Royal Group, through its wholly-owned subsidiary Hap Seng Land Sdn Bhd. Two hotels will be developed in Sabah.

According to Khor, four of the hotels will be managed by Hyatt, while one will be operated under the Marriott brand.

He told reporters after receiving a Malaysia Book of Records award for the highest indoor vertical green wall at Menara Hap Seng 3 that this will be the group’s first venture in the hospitality sector.

According to Bernama, HSCB also plans to launch three residential projects this year.

This Friday, it intends to soft-launch a housing project in Lahad Datu, Sabah.

Two other projects, including one in Sungai Buloh, are awaiting approval from authorities.

Khow said the group is in the midst of finalising the gross development value for the said projects.

Datuk Edward Lee Ming Foo, group managing director of HSCB, said that the current economic downturn represents an opportunity for the group to acquire good assets.

The group has proposed acquiring Met 3, a parcel of vacant leasehold commercial land in KL Metropolis.

Source: New Straits Times, Sharen Kaur/ January 12, 2022

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