Japan-based developer, Mitsui Fudosan, plans to build a nine-story mall in Kuala Lumpur, Malaysia with a gross development value (GDV) of US$397 million (RM1.61 billion), reported the Nikkei Asian Review.
The shopping will be constructed with the help of three local partners, including Eco World Development Group, and their joint venture (JV) firm will be established as early as 2016.
Sited on a 78,500 sqm land, the commercial facility is located in Bukit Bintang City Centre, an integrated development co-led by Eco World that consists of residential units and office space.
The shopping mall would be more expensive than Mitsui Fudosan’s outlet malls in Taiwan and Ningbo, China. It will contain four underground floors and five levels above ground. Total retail space is estimated to reach 80,000 sqm and the developer plans to accommodate around 300 businesses like F&B outlets, fashion retailers and household goods stores.
It also intends to use Japanese know-how in operating the mall, such as implementing a system to monitor the sales of each store, in order to set it apart from rivals.
Construction work is expected to begin next year and the shopping mall is targeted to be ready by 2021.
Last year, the company completed an outlet mall close to an international airport in Malaysia. As businesses there are flourishing, it plans to expand to expand the facility.
Read more: http://www.propertyguru.com.my/property-news/2016/3/120932/japanese-developer-to-build-mall-in-kl
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