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Wednesday, November 4, 2009

1st Avenue set to alter Penang's retail scene

PENANG's retail scene is set to see the entry of a new player next year when the RM300 million 1st Avenue opens its doors.

The shopping mall, which will be located in the heart of George Town in the third quarter of 2010, will cover seven levels and 400,000 square feet.

The project is jointly developed by Asian Retail Mall 11 Ltd (ARML II), the Lion Group and Penang-based Belleview Group.

ARML II is the Asian real estate arm for Pramerica Real Estate Investors (Pramerica), which is the real estate investment management subsidiary of Prudential Financial Inc.
AsiaMalls Management (SEA) Pte Ltd chief executive officer Michael Leong yesterday said the new mall is set to be modelled after Singapore retail outlets like Raffles City, Marina Square and Suntech City.

"We are looking at bringing in a number of Singapore brands to Penang," Leong told a press briefing in Penang.

Parkson Corporation Sdn Bhd yesterday signed an agreement with 1st Avenue Mall Sdn Bhd to be its anchor tenant.

Occupying 92,000 sq feet of retail space across four levels, Parkson's 36th outlet is being touted as different and will offer merchandise focused on style, quality and variety.

Leong said about 80 per cent to 90 per cent of the mall's tenants would comprise popular retail names and the mall would be zoned according to themes such as "Style", "First Asia", "Unwind" and "Life".

By Business Times (by Marina Emmanuel)

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