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Wednesday, August 20, 2008

Asiatic Land in talks to open Premium Outlet

KULAI: Asiatic Land Development Sdn Bhd is discussing with US-based Simon Property Group Inc (SPG) to build the country’s first Premium Outlet centre here.

Executive vice-president Alex Phang said the Malaysian Premium Outlet (MPO) would be built on 20ha in the Asiatic Indahpura Kulaijaya township.

Alex Phang

“The project is likely to start in the last quarter of this year and be completed in 2010,” he told StarBiz at the recent launch of 82 units of Lakeview Residency Precinct 33A semi-detached houses.

He said the MPO project would be a 50:50 joint venture between Asiatic Land and SPG’s division Chelsea Property Group.

Chelsea Property Group, previously a New York Stock Exchange-listed (NYSE) company, was acquired by the NYSE-listed SPG in October 2004.

Chelsea Property is the world’s largest owner, developer and operator of upscale outlet centres with 38 outlets in the US, six in Japan, and one each in South Korea and Mexico.

Headquartered in Indianapolis, SPG is the largest public-listed real estate company in the US. It currently owns or has interest in 383 properties comprising 261 million sq ft of gross lettable area in North America, Asia and Europe.

“The outlet in Kulai will be Chelsea’s first premium outlet in South-East Asia, offering international branded items at discounted prices,” said Phang.

The items are designer fashion and sportswear, shoes, fine leather, luggage, accessories, jewellery, housewares, home furnishings, gifts, speciality items, and products for children.

Phang said apart from Malaysians, the company wanted to attract shoppers from Asean countries, the Middle East, India, China and Australia to shop at MPO.

He said the company planned to work closely with airlines, hotels, tour operators and travel agents in the region to bring shoppers here.

Asiatic Indahpura covers 2,832ha, and to date, 404.8ha has been developed with 5,000 residential and commercial properties.

By The Star - StarBiz - (by Zazali Musa)

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