KUALA LUMPUR (July 10, 2012): Malaysia Land Properties Sdn Bhd (Mayland) wants to further expand its business in the shopping mall and hospitality sectors, and is eyeing two malls, said its retail general manager Michael Chee.
"We are open to both redevelopment of malls and developing new malls but it is more likely to happen next year because this year we have our hands full with Cheras Sentral," he said.
Speaking to reporters at the signing of seven anchor tenants for Cheras Sentral (formerly Plaza Phoenix) yesterday, he said the company is in talks to acquire two shopping malls and is also on the lookout for hotels.
Mayland secured TGV Cinemas, Jaya Grocer, Celebrity Fitness, CYC World Mega Leisure World, Moon Palace Chinese Restaurant, K-Box Karaoke and Dynamic Trial Sdn Bhd as the anchor tenants for Cheras Sentral.
Mayland acquired over 85% of the retail space, land and parking facilities in 2009 and has invested over RM125 million to date to redevelop the mall.
Chee said the mall is expected to be completed by the fourth quarter this year with current average rental rates of RM5 to RM6 psf. Targeted at Gen-Y consumers, the mall has been rebranded as a neighbourhood mall offering mid- to high-end brands.
He said the mall has about 500,000 sq ft of net lettable area, and would benefit from the proposed MRT station nearby.
Chee said it is also developing an entrepreneur programme to encourage and support local retailers instead of having the same shops and brands in every shopping mall.
He said the mechanics of the programme are still being worked out but will include benefits such as free rental for local entrepreneurs and small-medium enterprise owners.
"We have already developed a portion of the mall for 10 outlets, to set up mom-and-pop shops," he added.