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CapitaMalls, Sime Darby to jointly develop Klang Valley mall

PropertyGuru

By Cheryl TayCapitaMalls Asia Ltd, one of the leading shopping mall developers in Asia, has teamed up with Malaysia's largest developer, Sime Darby Property, to jointly develop a shopping mall in the Klang Valley, Malaysia."This project marks our first greenfield development in Malaysia," said Lim Beng Chee, CEO of CapitaMalls Asia."It will cater to the under-served retail needs of the residents there as well as the surrounding neighbourhoods. It will also provide both Malaysian and international retailers the opportunity to expand their presence to an established residential district in the Klang Valley."Located on a freehold site in Taman Melawati, the new shopping mall will be surrounded by the established residential areas of Wangsa Maju, Taman Melati, Kemensah Heights and Taman Permata. It will also be located near one of the most established international schools in Kuala Lumpur and famous tourist destinations such as the National Zoo and Batu Caves.With a gross development value (GDV) of around S$204.5 million (RM500.0 million), the mall has a total site area of approximately 242,000 sq ft and net lettable area (NLA) of around 635,000 sq ft. It will serve a catchment population of around 800,000 people within a 10-minute drive and is expected to be completed in 2016."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," said Dato' Wahab Maskan, Group Chief Operating Officer of Sime Darby Bhd and Managing Director of Sime Darby Property."We are confident that our partnership with CapitaMalls Asia to develop this site in Taman Melawati is the best strategy to maximise the returns on our investment and diversify our income portfolio." Related Stories:OUE posts strong Q1 resultsFrasers, Prudential UK to acquire Compass PointSingapore hotel room rates on steady rise

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