The joint development will have a potential Gross Development Value of RM3.8 billion
KUALA LUMPUR: Hap Seng Land Development Sdn Bhd, a wholly owned subsidiary of Hap Seng Consolidated Berhad today signed both a shareholders’ agreement and a development rights agreement with TTDI KL Metropolis, a wholly owned subsidiary of Naza TTDI Sdn. Bhd. to form a joint venture company to jointly develop an 8.95-acre of leasehold land within the KL Metropolis masterplan.
Golden Suncity Sdn Bhd is the 70-30 joint venture company formed under the shareholders’ agreement between Hap Seng Land Development Sdn Bhd and TTDI KL Metropolis Sdn Bhd. Naza TTDI is the master developer for the 75.5-acre iconic mixed development envisioned to be the “International Trade and Exhibition CityDistrict” for Kuala Lumpur.
Under the development rights agreement, Golden Suncity Sdn Bhd will be granted exclusive right to develop 8.95 acres of land within the KL Metropolis masterplan. This includes the right to design, develop, build and complete a proposed mixed commercial development on the land.
Signing on behalf of the parties were Hap Seng Group’s group managing director Datuk Edward Lee and SM Faliq SM Nasimuddin, Deputy Executive Chairman and Group Managing Director of Naza TTDI. Witnessing the event were Hap Seng Group’s executive director Ms Cheah Yee Leng and Datuk Wira SM Faisal SM Nasimuddin, Joint Group Executive Chairman of the Naza Group.
“This partnership not only represents an opportunity for Hap Seng Group to reinforce its prominent presence in the property development market sector in the Klang valley, it also formalises the strategic alliance between two established conglomerates and catalyses the transformation of the KL Metropolis masterplan,” said Datuk Edward Lee.
“Being part of this iconic development will certainly help elevate Hap Seng Group’s brand name and consolidate our property arm towards becoming a premier property developer in Malaysia,” he added.
“This joint venture reflects Naza TTDI’s commitment to accelerate the transformation and reshaping of the country’s Meetings, Incentives, Conventions and Exhibitions (MICE) industry by inviting development partners in building complementing components to position Malaysia as the premier MICE destination in the region,” said SM Faliq.
“It is our hope that with Hap Seng Land’s participation, it will contribute significantly towards turning KL Metropolis into a sustainable development that incorporates the principles of smart growth, urbanism and green building,” he added.
The development is expected to draw enormous interest as this is one of the last prime acreage in the Klang Valley. The land is also strategically located in an up market area with close vicinity to prime established residential and commercial centres such as Mont Kiara, Publika, Damansara Heights and Bangsar. The site is accessible via Jalan Kuching and Jalan Tuanku Abdul Halim which connects to the KL City Centre and KL Sentral. KL Metropolis could be a natural extension from these centres which are considered among the most affluent in Kuala Lumpur.
Picture caption: Mr SM Faliq SM Nasimuddin, Deputy Executive Chairman & Group Managing Director of Naza TTDI shakes the hand of Datuk Edward Lee, Hap Seng Group’s Managing Director, witnessed by Datuk Wira SM Faisal SM Nasimuddin, Joint Group Executive Chairman of the Naza Group on the left and Ms Cheah Yee Leng, Hap Seng Group’s executive director on the right.
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