S'pore-listed property developer Hatten Land plans to restart work on Melaka project after years of delays - The Straits Times

SINGAPORE – Singapore-listed property developer Hatten Land plans to resume work by mid-2023 on a residential project in Melaka that was slated for completion in 2020.

The long-delayed project is at the centre of complaints by buyers and investors, who organised a protest at one of Hatten Land’s developments in March.

The protesters were made up of a group of at least 80 people, including Singaporeans, who had bought units in several Hatten Land developments.

They held the protest on March 18 at ElementX Mall in Melaka – another Hatten Land project.

Hatten Land’s delayed projects include the Harbour City development – comprising a mall, theme park and three hotel blocks, all of which were supposed to be completed in 2020.

So far, only 19 floors of the building have been completed, with at least 10 more to go.

Speaking to The Straits Times, several Singaporean buyers said they were unhappy with the long delay, and with being kept in the dark about the completion date while having to continue paying for their investments for about seven years since the project began sales.

It is unclear exactly how many Singaporean buyers have parted with cash for the Hatten Land project.

One Singaporean investor, Mr Francis Ng, 51, said he had almost finished paying the estimated RM500,000 (S$150,800) for a unit on the 25th storey of Harbour City.

Mr Ng, who owns the popular eatery House of Seafood, said: “I bought this property because it’s developed by a Singapore-listed company.”

Hatten Land was listed on the Catalist exchange in 2017. It functions as the property development arm of Hatten Group, and was co-founded by siblings Colin and Edwin Tan. Mr Colin Tan is the firm’s chairman while Mr Edwin Tan is the deputy managing director.

Hatten Land projects, which are largely based in Melaka, include integrated residential, hotel and commercial developments.

The Harbour City project is undertaken by the developer’s wholly owned Malaysian subsidiary, Gold Mart, and was to be built in two phases.

The first phase consists of Harbour City Mall and one hotel block, due for completion in 2019, while the remaining two hotel blocks fall under its second phase, which was expected to be completed in 2020.

Responding to queries, a Hatten Land spokesman said buyers were required to pay up to 90 per cent of the cost for the construction of the project’s first phase, according to their sales and purchase agreements.

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