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Saturday, July 7, 2012

Mayland in talks to acquire 2 malls

KUALA LUMPUR: Malaysia Land Properties Sdn Bhd (Mayland) is in talks to acquire two malls in the northern part of Peninsula Malaysia, as the group looks to grow its shopping complex business.

"Our discussions are in the preliminary stage. Together, both malls have a net lettable area (NLA) of 1 million sq ft," Mayland's retail general manager Michael Chee said of the mall he is in talks with.

Chee told Business Times that while the group prefers to acquire existing malls, it is also open to looking at greenfield projects.

The property developer model is to own and operate the shopping complex rather than be just a shopping complex manager.

Mayland's first shopping centre is the seven year old Sri Hartamas Shopping Centre which has NLA of 200,000 sq ft in Kuala Lumpur. The second mall Cheras Sentral will open at the end of 2012 with 500,000 sq ft of NLA.

By Business Times (by Vasantha Ganesan)

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