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Thursday, May 10, 2012

Sime, CapitaMalls plan RM500m mall

The RM500 million shopping mall in the Klang Valley is expected to be completed in 2016.

KUALA LUMPUR: Sime Darby Property, the country’s largest developer by landbank size, plans to develop a RM500 million shopping mall in the Klang Valley, in partnership with CapitaMalls Asia Ltd.

The mall, to be located on 242,000-sq-ft freehold land in Taman Melawati here, is expected to be completed in 2016.

It will have a net lettable area of around 635,000 sq ft and serve a catchment population of about 800,000 people within a 10-minute drive.

Sime Darby Property and CapitaMalls yesterday inked a conditional
agreement to form an equal joint venture to undertake the project.

“We are confident that our partnership with CapitaMalls Asia to develop this site is the best strategy to maximise returns on our investment and diversify our income portfolio.

“The synergistic partnership provides us the platform to leverage on their experience as the leading shopping mall developer, owner and manager in Asia,” Datuk Wahab Maskan, Sime Darby Property’s managing director said in a statement yesterday.

For CapitaMalls Asia, the project will be its first greenfield
developments in Malaysia.

The group owns five other malls in the country, namely Queensbay Mall in Penang; Gurney Plaza, also in Penang (owned through its stake in CapitaMalls Malaysia Trust); a majority interest in Sungei Wang Plaza in Kuala Lumpur; The Mines in Selangor; and East Coast Mall in Kuantan, Pahang.

Its chief executive officer Lim Beng Chee said the new mall would cater to the under-served retail needs of the residents in the area.

The mall is surrounded by the residential areas of Taman Melati, Wangsa Maju, Taman Permata and Kemensah Heights.

By Business Times

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