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Wednesday, September 30, 2009

Genting, Simon Property Group in upscale outlet shopping JV

KUALA LUMPUR: The Genting group is teaming up with New York-listed Simon Property Group to venture into upscale outlet shopping in Malaysia under the Chelsea Premium Outlet Centres concept.

Genting said on Wednesday, Sept 30 that its 54.7%-owned Genting Plantations Bhd's unit Azzon Ltd had signed a joint venture agreement with Simon's Chelsea Malaysia LLC to establish the centres.

Under the JVA, Genting Plantations and Simon will form a 50:50 JV called Genting Chelsea Sdn Bhd to invest and operate Premium Outlet Centres in Malaysia.

The first project is the Johor Premium Outlets, to be built in Kulai, Johor, which is set to be the iconic flagship outlet centre in the Southeast Asian retail market.

Johor Premium Outlets will be located at the intersection of two major highways that serves this region and is expected to attract the local residents as well as international visitors from Southeast Asia.

Expected to open in 2011, the centre aims to synergise with Genting’s existing property operations and the group’s leisure and hospitality footprint in the region.

By The EDGE Malaysia

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