Australian developer LendLease plans to build more developments in Malaysia.

Reports say the developer is in talks to invest about three mixed-use projects, with retail taking most of the spaces.

LendLease, which last year opened the Setia City Mall, a partnership between LendLease’s Asian Retail Investment Fund and SP Setia, sees the country as a lucrative market due to its growth rate of more than five per cent in each of the five quarters to September.

“With a growing middle class, there will be demand for a consumer experience at shopping malls,” said Nicholas Mak, Singapore-based executive director at SLP International Property Consultants.

“Some of the shopping malls in Malaysia are fairly mediocre. So perhaps that’s where Lend Lease sees opportunities if they can acquire the land and get a good partner that might be a good expansion opportunity,” added Mak.

The developer also plans further expansion in China.

“China is a long-term game and with the astonishing growth coming out of that market, which we don’t expect to stop, there’ll be significant growth for some time to come,” said LendLease CEO Steve McCann.

GB