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Saturday, March 29, 2008

Metrojaya to invest RM10mil in second JB store

JOHOR BARU: Metrojaya Bhd will invest RM10mil to set up its second department store here after its Plaza Pelangi outlet.

Chairman Datuk Ahmad Khairummuzammil Mohd Yusof said the outlet at Danga City Mall at Jalan Tun Razak would start operation this July.

Danga City Mall director Gary Lee (left) exchanging documents with Datuk Ahmad Khairummuzammil Mohd Yusof. With them are Danga Bay Sdn Bhd CEO Datuk Lim Kang Hoo (second from left) and Johor Mentri Besar Datuk Abdul Ghani Othman

He said the 11,000 sq m outlet would be the biggest department store in Johor Baru and was Metrojaya’s sixth in the country.

Other stores are located at Kuala Lumpur’s Mid Valley Megamall, Berjaya Times Square and Bukit Bintang Plaza, and Island Plaza Penang.

“We are confident that the retail sector in the Iskandar Development Region (IDR) will flourish with the influx of local and foreign investors,” Khairummuzammil said at the tenancy agreement signing between Metrojaya wholly-owned unit MJ Department Stores Sdn Bhd and Danga City Mall Sdn Bhd yesterday.

The RM240mil mall was originally known as Best World Plaza which was forced to close two years after its opening in 1996 during the Asian financial crisis.

Danga City Mall acquired the property for RM50mil from Pengurusan Danaharta Nasional Bhd and spent another RM50mil to give a complete makeover.

Khairummuzammil said the company was confident that it would be able to attract shoppers to the mall with the opening of the store.

“Our main targets are locals. Singaporean shoppers will be an added bonus and we believe we have our own strengths and niche,” he added.

He said the IDR was expected to attract an influx of foreign residents who would need places to dine and shop, and Metrojaya wanted to bank on this development.

He said the company would probably look at Nusajaya where the new Johor State Administrative Centre would be located for a future store within the IDR.

By The Star (by Zazali Musa)

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