CapitaMalls Asia is opening a sixth Malaysian mall in a joint venture with Sime Darby Property.
The two parties have entered into a 50:50 joint venture for a new 242,000sqft shopping mall in the centre of Melawati township in Klang Valley, Malaysia.
The township includes Taman Melawati, an established and affluent residential district north-east of Kuala Lumpur city, bounded by the established residential areas of Taman Melati, Wangsa Maju, Taman Permata and Kemensah Heights. The site is also near one of the most established international schools in Kuala Lumpur, as well as popular tourist destinations such as Batu Caves and the National Zoo.
The mall is expected to be completed in 2016, and will serve a catchment population of around 800,000 people within a 10 minute drive. The total development cost is expected to be about RM500 million (S$204.5 million or US$163.32 million).
Lim Beng Chee, CEO of CapitaMalls Asia, said: “We are pleased to partner Sime Darby Property to jointly develop this site in Taman Melawati. Sime Darby Property has extensive experience in property development in Malaysia. On our part, CapitaMalls Asia will bring our proven expertise in developing and managing shopping malls around the region.”
“This project marks our first greenfield development in Malaysia. It will be the first major shopping mall in the established and affluent residential district of Taman Melawati, and will cater to the under-served retail needs of the residents there as well as the surrounding neighbourhoods. It will also provide both Malaysian and international retailers the opportunity to expand their presence to an established residential district in the Klang Valley.”
Dato’ Wahab Maskan, COO of Sime Darby Berhad and MD of Sime Darby Property, said the synergistic partnership with CapitaMalls Asia provides his company with the platform to leverage on CapitaMalls’ experience as the leading shopping mall developer, owner and manager in Asia.
“When this commercial development is completed, it is expected to be a catalyst to enhance the overall value of properties within its vicinity. This, in turn, bodes well for our current and upcoming property projects in this area,” he added.
Sime Darby Property has several on-going as well as future projects planned in the Melawati township including Gaya Apartments, Casa Rimba (superlink homes), 3 Residen (condominiums), Quarza (service apartments), bungalows, town villas and an office building. These projects will help promote Melawati as a commercial hub of the area.
This development will be CapitaMalls Asia’s sixth mall in Malaysia. CapitaMalls Asia currently owns Queensbay Mall in Penang and, through its stake in CapitaMalls Malaysia Trust, owns Gurney Plaza in Penang, a majority interest in Sungei Wang Plaza in Kuala Lumpur, The Mines in Selangor and East Coast Mall in Kuantan.
GB
