Integrated developer Mitsui Fudosan Malaysia broke ground yesterday on the Mitsui Shopping Park LaLaport Kuala Lumpur.
The mall is being built in the city centre on the site of Pudu Prison, a colonial-era relic that was demolished as part of a government growth drive.
When completed in 2021, the five-storey mall will offer 82,600 sqm of leasable space – enough for more than 300 retail outlets. At an estimated cost of 1.6 billion ringgit (US$374 million), the project is a 50:50 JV between Mitsui Fudosan Asia and BBCC Development, which is collectively owned by Malaysia’s state-owned Employees Provident Fund, UDA Holdings and the private Eco World Development Group.
It is part of a larger real-estate development, the Bukit Bintang City Centre (BBCC), which includes hotels, apartments and offices with a gross development value of 8.7 billion ringgit.
“I am confident that BBCC will succeed in further uplifting the image of Kuala Lumpur as an international modern metropolis,” Prime Minister Najib Razak said at the groundbreaking ceremony.
Mitsui Fudosan Asia is leading the development, leasing and management drawing on its experience with LaLaport malls in Japan. The group is aiming to provide a new urban lifestyle with innovative approaches to entertainment and education, according to senior executive Akihiko Funaoka. Attractions will include Zepp Kuala Lumpur, a concert hall and entertainment hub with 2500 seats, equipped by Sony Music Entertainment.
While Mitsui Fudosan’s regional investment is primarily in running apartments, the shift to retail is a response to the growing middle-income market, says the company’s MD for Malaysia, Takehito Fukui.
Mitsui Fudosan already runs Mitsui Outlet Park near Kuala Lumpur International Airport. The branded outlet store opened in 2015.