The second phase of Hatten City in Malacca is targeted to be ready by the second half of this year, according to Hatten Land’s Executive Chairman and Managing Director Colin Tan, reported The Edge.
With a gross development value (GDV) of RM363 million, Phase II consists of Imperio Mall with 786 shops and the 950-unit Imperio Residences, of which 60 percent and around 50 percent were respectively sold as of last June.
On the other hand, the RM628 million Phase 1 was completed last March. It comprises the 277-room DoubleTree by Hilton that is run by Hilton Worldwide, the Hatten Suites with 589 serviced apartments, the 745-unit SilverScape Residences and the Elements Mall with 1,530 strata shops.
In June 2016, 34 percent of the shops at Elements Mall were taken-up, while 85 percent of the units at SilverScape Residences and 93 percent of Hatten Suites were sold.
Hatten Land’s other project is the six-acre Harbour City, which is sited on the reclaimed island of Pulau Melaka. The 99-year leasehold integrated project with a GDV of RM849 million is made up of a water theme park, Harbour City Mall with 1,831 shops, and three hospitality components, namely a 325-room upscale hotel, the 637-unit Harbour City Resort and the 648-unit Harbour City Suites. The development will be completed in phases between 2019 and 2020.
Another project is the RM65 million Vedro by the River in Malacca city, which is expected to be ready later this year. The two-acre mall has a gross floor area of 213,547 sq ft and comes with a total of 736 shops, of which 65 percent have been taken-up so far.
To date, 69 percent of the buyers for all aforementioned projects are Malaysians, 15 percent are Singaporeans, while China and Taiwan nationals account for three percent each.
Notably, these four developments in the state of Malacca were originally owned by Sky Win Management Consultancy, a firm controlled by the Tan family that was purchased by Singapore-listed VGO Corp for S$386 million (RM1.22 billion) in 2016. This triggered a reverse-takeover and VGO Corp was renamed as Hatten Land on 26 January 2017.
According to Colin Tan, who is also the Co-Founder of Malacca-based Hatten Group, they took over the Singapore-listed firm “as it will give us a greater platform to collaborate with more international business partners in our future developments.”
Project by Hatten:
This article first appeared in The Edge Property Singapore on Feb 27, 2017.
Image sourced from Hatten Properties
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
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