We propose a heap compaction algorithm appropriate for modern computing environments. Our algorithm is targeted at SMP platforms. It demonstrates high scalability when running in parallel but is also extremely efficient when running single-threaded on a uniprocessor. Instead of using the standard forwarding pointer mechanism for updating pointers to moved objects, the algorithm saves information for a pack of objects. It then does a small computation to process this information and determine each object's new location. In addition, using a smart parallel moving strategy, the algorithm achieves (almost) perfect compaction in the lower addresses of the heap, whereas previous algorithms achieved parallelism by compacting within several predetermined segments.