Magazines Archives - 2012 June

Sime Darby, CapitaMalls Asia partner to build mall in Klang Valley
Story 6 - Property Update

From left: Ho Ee Lay, CFO of Sime Darby Property Berhad; Y Bhg Dato' Bakke Salleh, president & group chief executive, Sime Darby Berhad; Liew Mun Leong, president & CEO of CapitaLand; and CapitaMalls Asia's Lim Beng Chee.

MALAYSIAN property group, Sime Darby Property, and major Asian mall developer, CapitaMalls Asia Limited, have formed a joint venture to build a new mall in Taman Melawati in Klang Valley, Malaysia, to cater to the "underserved retail needs of residents" and the surrounding neighbourhoods. Slated to open by 2016, the mall is expected to have a net lettable area of about 635,000sqf, serving a catchment population of about 800,000 people in the vicinity. The two companies disclosed in a statement that the RM500- million (US$157-million) development will also see foot traffic from tourists and visitors visiting nearby destinations such as the Batu Caves and the National Zoo.

"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 also provide both Malaysian and international retailers the opportunity to expand their presence to an established residential district in the Klang Valley," said Lim Beng Chee, CEO of CapitaMalls Asia.

Sime Darby Berhad's group COO and managing director of Sime Darby Property, Dato' Abdul Wahab Maskan, added: "The synergistic partnership with CapitaMalls Asia provides us the platform to leverage its 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."

The mall will be CapitaMalls Asia's sixth retail complex in the country, and will serve the needs of upcoming Sime Darby residential and office projects in the vicinity.

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