Hatten adds a distinct Malacca flavour on SGX
Group's development activity in Malaysia's quaint and historic state spans a decade, and it has plans to rejuvenate the Unesco World Heritage site while retaining its history.
FRESH after completing their national service, siblings Colin and Edwin Tan were labelled "crazy" for buying overpriced land in a Malaysian state 10 years ago for commercial development - they drew incredulous laughs from friends and frowns from Mom for giving up tertiary studies (their pursuit of degrees would eventually be accomplished) to build the biggest mall and hotel in "sleepy" Malacca.
For sure, they must have also felt the sharp pang of fear that their gut-driven plan could fail.
But the founding brothers of Hatten Group had the last laugh on Feb 28. Upon the backdoor listing of the property development arm Hatten Land on the Singapore Exchange's second board Catalist, which valued the firm at nearly S$400 million, these young boys' holdings were worth a cool S$300 million. Not too shabby for an investment that began with a S$30 million capital outlay 10 years ago.
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