KUALA LUMPUR, June 1 – Hap Seng Consolidated Bhd will focus on the development of affordable houses particularly in Sabah for the financial year ending Dec 31, 2017, due to increasing demand in the state.
Group Managing Director Datuk Lee Ming Foo said despite the challenges faced by the property market this year as a result of prudential lending policies imposed on the banking industry, the group still saw opportunities, particularly in the affordable housing segment.
“In response to the market, we launched the Akasa Service Residence in Cheras South earlier this year to cater for this segment of the market.
“We also continued to see demand for developments located in prime and strategic locations that provides good value proposition to its buyers,” he told reporters after the group’s annual general meeting here today.
Lee also said that Hap Seng’s property offerings , the Aria KLCC, recorded an encouraging take up rate, despite the slowdown in demand for high-end developments, thanks to its features and design.
To date, he said the group’s unbilled sales stood at about RM1.6 billion, which was sufficient for the next two to three years.
Meanwhile, Lee also said the group’s credit financing division was expected to continue its growth this year as it continued to build on its competitive edge and expertise as a preferred financier to small and medium enterprises.
“We continue to see opportunity (in the credit financing division) in the secured term- loan segment.
“However, the division will remain prudent in its lending practices,” he added.