CENTRAL Pattana Public Company Ltd (CPN), a renowned Thai mall specialist, is reviewing upward its investment in CentralPlaza @ i-City super regional mall project to RM800mil.
The upward review on the project which boasts a gross floor area of 1.5 million sq ft is in tandem with meeting more demanding market requirements, according to Preecha Ekkunagulas, chief executive officer of CPN.
“We are contemplating raising our investment notwithstanding the expected decline in construction material prices due to the current economic situation,” Preecha Ekkunagulas points out during a stop-over at i-City to inspect the on-going development of the project.
“This is to ensure that CentralPlaza @ i-City meets both expectations as a shopping haven with a regional pull as well as to provide for better integration with the rest of i-City,” he adds.
Both parties have entered into a joint venture (JV) agreement to jointly develop the project with potential Gross Development Value (GDV) of RM580mil, last year.
CentralPlaza @ i-City shopping mall is being developed via 60:40 joint venture between CPN and i-City.
Under the terms of joint venture, CPN will take the lead in developing, leasing and managing the mall, thereby enabling I-Berhad to focus on the development of other properties in i-City as well as on its leisure business.
The development of i-City’s commercial property component is poised to receive a great boost with the participation of CPN, which is making its maiden foray into Malaysia.
Due for completion in end 2016, the CentralPlaza @ i-City would cater to a sizeable market close to 700,000 of Shah Alam‘s population and some 900,000 of Klang’s population. Upon completion, the CentralPlaza@ i-City shopping mall will be the largest shopping centre in Shah Alam.
“CentralPlaza @ i-City is part of our tourism destination master plan for i-City,”commented Datuk Eu Hong Chew, deputy chairman of I-Berhad, the master developer of i-City.
“The other components of this master plan consist of 25-acre theme park known as Leisure park, three hotels, a performing arts centre and a convention centre,” he said.
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