This article first appeared in The Edge Financial Daily on November 1, 2017 - November 7, 2017

KUALA LUMPUR: Hap Seng Consolidated Bhd is eyeing an annual rental income of up to RM21 million from its new commercial building Menara Hap Seng 3 here on office-space demand from foreign multinational companies (MNCs).

The planned 26-storey Menara Hap Seng 3 along Jalan Sultan Ismail here has a net lettable area of 240,000 sq ft.

Hap Seng Land Sdn Bhd chief operating officer — property division (West Malaysia) David Khor said construction cost for the project is about RM312 million, which will be funded fully via internal funds.

“We hope to get close to full take-up rate within the first year after completion of construction (of Menara Hap Seng 3),” Khor told reporters after Menara Hap Seng 3’s ground-breaking ceremony here yesterday.

Hap Seng Land is the property arm of Hap Seng Consolidated, the businesses of which include oil palm plantation and car dealership.

Khor said the duration for Menara Hap Seng 3’s construction is 26 months for completion by end of 2019.

He added that Hap Seng Consolidated’s Menara Hap Seng 1 and Menara Hap Seng 2 along Jalan P Ramlee here are close to full occupancy, hence the development of Menara Hap Seng 3.