Saturday, April 14, 2007

HSBC Signs Build-to-Suit Agreement for HQ Annex in Kuala Lumpur

Malaysia Star - April 11, 2007

HSBC Bank Malaysia Bhd does not easily forget its roots as proven by its decision to remain at the spot it started 123 years ago.

Rather than relocate to newer and bigger premises to cater to further business expansion, it has chosen to lease a new 24-storey building that will be an annexe to its current headquarters in Leboh Ampang, Kuala Lumpur.

Deputy chairman and chief executive officer Datuk Zarir J. Cama said: “This (Leboh Ampang) was the spot on which HSBC started 123 years ago and we have really prospered during these years. “Our feng shui here has been very good and I am not going to disrupt it.” He said it was much more cost effective for the group to refurbish and rent a new building than to move to another place.

Zarir was speaking after signing an agreement with Quill group of companies on the lease for the new HSBC building yesterday. The Quill group will design and build the 265,000-sq-ft building and then lease it to HSBC. Besides the annexe, the HSBC headquarters will also get a facelift.

Quill group executive director Datuk Michael Ong said HSBC Malaysia would be taking a 15-year lease on the Grade A office building, which is expected to cost RM100mil to develop. Construction is expected to start in June for completion by the first quarter 2010. Sphere: Related Content

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