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Friday, June 3, 2011

Greenhill bullish on Setia City Mall revenue

SHAH ALAM: Greenhill Resources Sdn Bhd, a unit of the country's largest developer SP Setia Bhd, is bullish that its latest project, Setia City Mall, will generate big revenue.

Part of the optimism is based on the high take-up rate for the mall's retail space.

The estimated RM450 million Setia City Mall is due to open its doors for business in May next year.

Those that have confirmed tenancy include big names like Padini Concept Store, Golden Screen Cinemas, Urbanfresh, Harvey Norman, Fitness First, Courts and Wangsa Bowl.

Greenhill development director Robert Spinks said out of the 250 retailers expected 160 have confirmed their slots in Setia City Mall.

The mall consists of 740,000 sq ft of lettable space spread over four levels of zoned shopping space. Its biggest tenant will be Parkson, which is taking a total of 120,000 sq ft.

Setia City Mall is jointly developed with Asian Retail Investment Fund, a fund managed by the investment arm of global property developer Lend Lease.

"We are confident the opening of Setia City Mall will help boost Greenhill's revenue," Spinks said at a media briefing yesterday.

He did not reveal any sales forecast.

Spinks said construction work on the mall was started in 2009.

"Gross development cost for the Setia City Mall is about RM450 million," he said, adding that the project would be a good and profitable venture for those involved.

Rental varies from RM5,000 to RM30,000, depending on size and lots.

Spinks said Setia City Mall would offer much more than the typical retail destination.

"It will provide a fun and affordable family experience - encompassing shopping, dining and entertainment," he said.

Meanwhile, SP Setia executive vice-president Khor Chap Jen said there will be a convention centre and a 250-room hotel located opposite the northern entrance of the mall.

"The construction of the convention centre, which is large enough to host a 200-table banquet, will commence next month," he said.

The company also plans to launch three blocks of SoHo (small office home office) apartments next to the hotel by the end of this year.

By Business Times

Mah Sing rewards loyal customers

KUALA LUMPUR: Mah Sing Group Bhd yesterday introduced a loyalty rewards programme called "M Club" designed to keep its custo-mers returning to the developer and buy more properties in Johor Baru, Penang and Klang Valley.

The enhanced loyalty programme offers its 10,000 members the chance to enjoy privileges and discounts of up to 30 lifestyle brands.

"We hope in the future our customers will view their M Club as indispensable as their identification card. In fact, in the pipeline is a new-generation Mah Sing Community website complemented by Facebook and Twitter accounts and a community-centric blog," Mah Sing chairman and independent non-executive director Tan Sri Yaacob Mat Zain said in his speech.

He added that M Club members or better known as the Mah Sing community, will appreciate select bene-fits being brought direct to their doorsteps with the simple act of flashing either their classic, gold or platinum M Club card at the merchants, with services ranging from home and living, beauty and health to wellness and personal development.

Among the 30 lifestyle merchant partners are KL Lifestyle Art Space, IHeal Medical Centre, Lightcraft and Times Bookstores.

By Business Times

Encorp Strand bags another property award

KUALA LUMPUR: Encorp Strand, the flagship development of Encorp Bhd, has added another feather to its cap when it clinched the Highly Commended Award (Mixed-Used Development category for Malaysia) of the Asia Pacific Property Awards 2011.

Encorp executive chairman and group chief executive officer Senator Datuk Seri Effendi Norwawi said the award represents the hard work and commitment that have gone into the group's flagship development.

"Encorp Strand is a testament of our relentless pursuit of innovation and providing unbeatable quality, standard, value and services to all our customers, and the award certainly confirms this project's stature," he said in a statement.

Effendi received the award on behalf of the company at the high-profile presentation ceremony at Longemont Hotel in Shanghai, China, on Tuesday.

Encorp Strand was previously a winner of the inaugural The Edge-PEPS Value Creation Award 2010, an accolade for properties with the greatest value creation in terms of capital appreciation as well as sustaining value.

Encorp Strand comprises the fully completed and sold Business Suites, the iconic Red Carpet Boulevard, Garden Offices, The Mall and Residences. Collectively, these components offer a complete living, working, shopping, dining and entertainment experience.

Effendi said Encorp Strand is essentially a product of the group's commitment to innovation and quality for its customers.

"This is the Encorp experience, an experience that is anything but ordinary," he said.

Encorp Strand is easily accessible from Kuala Lumpur City Centre and the rest of Klang Valley via the DUKE highway, Damansara-Puchong Highway, the New Klang Valley Expressway, Middle Ring Road II and Penchala Link of the Sprint Expressway. It is about a 20-minute drive from the city centre.

By Business Times