As at 30 June 2016, Hatten Land's development portfolio comprises three integrated mixed use development and a retail mall which collectively has a total market value of approximately RM 1.9 billion with an aggregate GFA of approximately 7.8 million sq ft. Since 30 June 2016, Hatten Land has also added the Satori project to its current development portfolio. The current portfolio of Hatten Land includes:
HATTEN CITY PHASE 1
(incorporating Elements Mall, SilverScape Residences, Hatten Suites, and a tower block that has been taken up by DoubleTree by Hilton)
HATTEN CITY PHASE 2
(incorporating Imperio Mall and Imperio Residence)
(incorporating a mall, a theme park and three hotels)
VEDRO BY THE RIVER
(a retail mall)
(incorporating hotel & serviced apartment)
The Group's current development portfolio are strategically located in Melaka, Malaysia, which reported 5.5% GDP growth in 2015.
The Group is well positioned to harness the growth momentum in Melaka's transformation into a new tourism hub and economic hub. With its UNESCO World Heritage Site status, Melaka is the centre of a pipeline of new tourism attractions such as the Indoor Theme Park@Harbour City.
Melaka's real estate sector is also poised to benefit from the increased connectivity with the construction of the Kuala Lumpur-Singapore high-speed rail and the launch of the Melaka Gateway, slated to be the largest US$10 billon private marina in South-East Asia with 12 precincts (residential, commercial, cultural, entertainment and lifestyle elements) by 2025, as well as the Ocean Park development.
It has access to extensive land bank and development rights of the Hatten Group, it has access to more than 20 land bank and development rights in high growth cities held by the Hatten Group for future development.
Through the right of first refusal and call options granted to the Company, Hatten Land is able to periodically review whether such land bank held by the Hatten Group would be suitable for property development.
As at 28 February 2017, Hatten Land had entered into a legally non-binding memorandum of understanding with Hatten Group to exercise the call option granted by Hatten Group for land banks relating to 5 projects. Please refer to the Company's announcement dated 10 February 2017 for more details.