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Wednesday, December 9, 2009

Parkson: RM25m-RM30m outlay on Shah Alam store

PARKSON Corp Sdn Bhd will spend between RM25 million and RM30 million in direct and indirect investments in its new department store at Setia Alam City Mall in Shah Alam, Selangor.

The department store will be Parkson's first in Shah Alam.

Greenhill Resources Sdn Bhd, the manager and marketeer of the mall, yesterday signed on Parkson Corp as an anchor tenant.

The retailer will take up 120,000 sq ft of the mall's net lettable area of 700,000 sq ft.
Greenhill Resources is a joint venture between SP Setia Bhd, the country's biggest developer, and Asian Retail Investment Fund (ARIF).

ARIF is managed by Lend Lease Investment Management Pte Ltd, a member of Lend Lease Corp Ltd, a fund management, property development, management and construction group.

"I am confident that in three to five years, this store will be one of our top 10 stores (in terms of sales) in Malaysia," Parkson Retail Group managing director and chief executive officer Alfred Cheng told reporters after witnessing the signing ceremony in Selangor yesterday.

Parkson Corp chief operating officer Toh Peng Koon said the group will continue to look at adding 15 per cent more space each year.

This translates to two to three stores a year in Malaysia, three to four in Vietnam and five to six in China.

"Parkson has recognised both the suitability of this location for a shopping centre of this nature and the scale of the current and future customer base.

"This confidence will resound with retailers and will allow us to secure a retail mix that complements our positioning and customer desires," Greenhill Resources development director Robert Spinks said.

Greenhill Resources looks to sign on between seven and eight more anchor tenants for the mall.

Apart from the new Parkson store, the mall will include over 200 local and international specialty stores, a number of major anchor retailers, an entertainment precinct and a large park.

Designed by the Lend Lease team, the mall will support SP Setia's vision for Setia Alam, which has over 20,000 new residents and is set to expand to over 50,000 by the time the mall opens.

The new centre will also draw customers from a wider catchment area with a population of about one million people.

"Parkson's proven success in the middle and upper-middle income segments of the Malaysian retail market complements the buyer profiles of both Setia Alam and Setia Eco Park," SP Setia president and chief executive officer Tan Sri Liew Kee Sin said.

By Business Times (by Presenna Nambiar)

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