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Saturday, July 21, 2012

Great Mall of China set to become world's largest

BERJAYA Land Bhd's (BLand) The Great Mall of China (GMOC) is set to outdo others for the bragging rights as the world's largest shopping mall.

And BLand has every reason to be confident of GMOC's success, particularly in 'terms of demand for space leasing' as Beijing has high per capital income of US$12,447 (RM39, 200) in 2011.

By the World Bank's standard, cosmopolitan Beijing is already considered a wealthy city, on par with London, New York or many other rich cities around the globe.

GMOC, the world's biggest integrated mall complex, is estimated to be worth about RM7.5 billion on a 32ha site in China's Hebei Province.

It is expected to be completed in five years. GMOC has strategically positioned itself in an area where massive integrated public transportation project is due to take place.

One notable project is a big subway station, which is expected to be completed in 2018, linking it to neighbouring TongZhou.

TongZhou is about 20km away, and the subway will bring its distance to GMOC within 2km, reducing travel time to mere minutes from half an hour now.

Beijing's population of over 21 million people, excluding the population of its neighbouring cities such as Tian Jin, Hebei and Yan Jiao, which are also booming due to the country's sound economy, is expected to give rise to the project's popularity.

The vision for such a project of epic proportions is a timely investment by the Berjaya Group founder Tan Sri Vincent Tan.

Tan owns 49 per cent of BLand's subsidiary and GMOC operator Berjaya Great Mall of China Co Ltd (BGMOC) through Berjaya Times Square Cayman Ltd.

GMOC was planned at a time the Chinese market began witnessing a boom followed by the gross increase of the republic citizens' spending power worldwide.

Tan definitely knows his market.

The Berjaya Times Square, which is the eight largest building in the world in terms of floor area, is proof of the conglomerate's big dreams and visions.

Unlike other shopping malls in Beijing, which are mostly purely shopping driven, GMOC will be the first to break out of the ordinary shopping culture in China by housing three indoor theme parks.

GMOC will also impress its patrons with its many world-class amenities, including a multi-purpose convention hall to cater to all forms of business needs.

With Phase One due to be completed in October next year boasting of three all-weather and indoor theme parks namely Extreme Park, Family Park and Water Park, GMOC is poised to set the Malaysian flag sailing high globally.

By Business Times

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