KUALA LUMPUR: Hap Seng Consolidated Bhd has transformed the former “Wisma KFC” building on Jalan Sultan Ismail into the Hyatt Centric City Centre Kuala Lumpur.

This comes four years after Hap Seng purchased the property from Singapore’s Royal Group for a reported RM190 million.

Manfred Weber, director of property management at Hap Seng Land Sdn Bhd, described the transformation of Wisma KFC from an office complex to a uniquely designed hospitality asset, as a seamless blend of Kuala Lumpur’s history, rooted in tin mining, with modern art and design elements.

“This transformation is an example of creating unique hospitality assets that add value to the area and complement our existing developments,” he told Business Times.

Wisma KFC served as the headquarters of KFC Holdings (Malaysia) Bhd. Built in the 1990s, it spans a gross floor area of 342,145 square feet on a 0.5-acre freehold plot.

The Royal Group’s subsidiary, Expert Rewards Sdn Bhd, had acquired the property for RM130 million from the Employees Provident Fund (EPF) after securing approval from Dewan Bandaraya Kuala Lumpur (DBKL) to repurpose it into a luxury hotel.

Officially opened last month, the hotel is the second Hyatt Centric property in Malaysia, following the inaugural location in Kota Kinabalu, Sabah.

Weber also emphasised Hap Seng’s openness to acquiring and repurposing heritage assets in Malaysia, though without specific targets.

Hap Seng’s property portfolio includes Menara Hap Seng 1, 2, and 3, as well as Plaza Hap Seng. Plaza Hap Seng is a vibrant multi-use destination offering 730,000 square feet of office space with a nearly 90 per cent occupancy rate, alongside retail and lifestyle options.

Weber said that Plaza Hap Seng, and its evolution into a prime multi-purpose destination, is a good example of value creation surrouding its developments in the Kuala Lumpur area.

He said Hap Seng aimed to evolve and integrate its developments to create a destination that offers more than just office space.

“We offer around 730,000 sq ft of office space, which enjoy an occupancy rate of nearly 90 per cent, a great selection of retail and lifestyle options, and now also a unique hotel. All buildings are linked with each other,” he said.

Looking ahead, Hap Seng is actively expanding its presence in Malaysia’s property sector.

Weber disclosed two major upcoming projects, the first being the KL Midtown development, a mixed-use project near MITEC, comprising a hotel (scheduled to open in mid-2025), a retail mall, office towers, and residential units.

“We also have another stand-alone hospitality project coming up in Jalan Kia Peng in 2025,” he said.

Weber expressed cautious optimism for 2025, citing Malaysia’s strong economic performance and a recovery in tourism across East and West Malaysia.

He also noted Malaysia’s upcoming ASEAN chairmanship as a potential driver of positive momentum.

Source: NST, 8 January 2025