Magazines Archives - 2010 May
US-based Asian Retail Mall Fund II is investing in a new mall in Petaling Jaya, Malaysia.
Story 5 - Property Update
ASIAN RETAIL MALL FUND II (ARMF II) is building a mall in SS2, a residential and commercial suburban hub in Petaling Jaya, Malaysia. The SStwo Mall, which is designed as a community enclave and located in the centre of the populous SS2 suburb in Petaling Jaya in the state of Selangor, is scheduled to open in the third quarter of this year.
The RM180-million (US$56- million) project is a five-storey mall offering a net lettable area of almost 470,000sqf, and housing approximately 200 shops. The new mall, which will provide over 1,000 car-park bays, is also accessible via a new direct link from Jalan Harapan or the Damansara- Puchong highway.
It is targeted at families with children below the age of 12, professionals, managers, executives and businessmen (PMEBs), and youths from neighbouring established education centres. Some 62% of the 427,000 residents currently living within 10 minutes drive to SStwo Mall represent its immediate catchment, according to a recent survey. The same survey by MIRP Consult puts the average monthly household income, made up of mainly middle- to upper-income residents, at approximately RM9,060.
The SStwo Mall aims to maintain and reflect SS2s suburban charm and fame as a food haven, with F&B comprising 30% of its tenant profile, including an open-air courtyard, Haven @ two, which will offer a myriad of F&B choices. ARMF II has appointed DTZ Nawawi Tie Leung Sdn Bhd as the malls exclusive leasing agent and centre management team. Adzman Shah, deputy managing director of DTZ, said: This strategic collaboration brings together a collective experience spanning some 80 years in all aspects of retailing ... What is even more exciting with SStwo Mall is us leveraging ARMFs expertise in creating a local family mall experience, emphasising on all-round active and healthy living, in the midst of a thriving neighbourhood like SS2 thus our proposition of a mall that cares.
ARMF II is a real estate fund managed on behalf of institutional investors by Pramerica Real Estate Investors, the real estate investment management business of Pramerica Financial. Headquartered in the US, Pramerica Financial is a trading name of Prudential Financial, Inc (it is not affiliated in any manner with Prudential plc, UK).
Established in 1994, its Asian arm Pramerica Real Estate Investors (Asia) Pte Ltd has since managed nine funds totalling more than US$2 billion in equity. As of June 30 last year, Pramerica Asia managed US$6.4 billion of gross assets (US$2.9 billion net) throughout Asia. In Singapore, Pramerica Asias investments include Tiong Bahru Plaza, Century Square, Hougang Mall, White Sands, Liang Court and Tampines 1. ra
To view other stories, get a copy of Retail Asia. To subscribe, please download the subscription form from http://www.retailasiaonline.com/subscription.html