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Thursday, May 10, 2012

Sime Darby Property in tie-up

PETALING JAYA: Sime Darby Property and CapitaMalls Asia Ltd have entered into a conditional agreement to form a 50:50 joint venture to develop a shopping mall on a freehold site in Taman Melawati, Kuala Lumpur, at a cost of about RM500mil.

The site had an area of about 242,000 sq ft and is the last sizeable plot of commercial land in the township, the companies said in a joint statement to Bursa Malaysia.

Both companies will develop the shopping mall with a total net lettable area of about 635,000 sq ft on the site. The mall is expected to be completed by 2016.

By The Star

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