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Friday, March 9, 2012

Shoppers, there's a new mall in town

KUALA LUMPUR: KL Festival City, the new mall under the Lion Group, expects tenants within the mall to rake in between RM300 million and RM400 million in the first year of operations.

The mall, located along Jalan Genting-Klang, will achieve this by October 31 2012. The mall will be officially launched today.

The group's Parkson department store is the anchor tenant occupying a total 122,000 sq ft of retail space.

Mini anchors include MBO Cinemas with seven screens, Econsave supermarket, Superstar Karaoke and TBM Electrical.

Thirty per cent of the mall tenants are in the food and beverage including Nando's, Kenny Rogers , Bumbu Desa and Papa Johns.

"The mall sees a monthly foot count of between 400,000 and 500,000," Festival City Sdn Bhd senior general manager Gui Cheng Hock told Business Times in an interview.

The mall's catchment within a 15 minute drive is around 600,000 households deriving an average monthly income of RM4,200.

The mall has gross area of 1.1 million sq ft and a net lettable area of 500,000 sq ft.

The mall derives between nine per cent and 10 per cent yield, which Gui says is better than the yields derived by most real estate investment trusts of around six per cent and seven per cent.

By Business Times

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