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Saturday, July 31, 2010

Empire mall sets RM350m revenue goal

MAMMOTH Empire Holdings Sdn Bhd expects to rake in RM350 million revenue a year from its newly opened Empire Shopping Gallery (ESG) in Subang Jaya, Selangor.

The five-storey lifestyle and contemporary mall features 180 retail stores, with anchor tenants like Tangs, Fitness First Platinum and Jaya Grocer.

ESG is part of the freehold Empire Subang commercial development, which includes the 10-storey, 210-unit Empire SoHo (small office/home office); 12-storey Empire Tower; and 13-storey, 199-room Empire Suites Hotel, a boutique hotel.

The RM450 million development is located next to the KTM station.

Datuk Sean Ng, managing director of Mammoth Empire, said that 90 per cent of the mall has been leased at between RM10 and RM25 a sq ft.

"We expect to lease the balance 10 per cent within the next two to three months. We are selective on the tenant mix as we want to maintain a certain quality," Ng told reporters after the official mall opening yesterday.

Mammoth Empire group executive director Danny J.Y. Cheah said it was looking to build its hotel business.

The Empire Suites Hotel is the first property to be managed and operated by the group.

The group is also developing Empire Damansara in Damansara Perdana, Petaling Jaya, which will feature residential units, SoHo, retail shops, offices and a hotel.

According to Cheah, Mammoth Empire is planning to launch an integrated development and a medium- to high-end gated residential project in Damansara Perdana by the year-end.

The integrated development will comprise SoHo, an office and residential tower, and a third hotel for the group.

Cheah said the master plan and value of the two projects are still being finalised.

"We believe there is a good growth story in Damansara Perdana for hotel, commercial and retail (developments). Early this year, we launched Empire Damansara and it was fully sold in two months," he said.

Cheah added that the group was talking to international operators to manage its hotels in Damansara Perdana.

By Business Times

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