And the new shopping malls just keep coming!
Mitsui Fudosan, the people behind Mitsui Outlet Park KLIA Sepang, is planning to develop a 9-storey, 45 billion yen ($397 million) mall in Malaysia with Eco World Development Group and 2 other local partners. The plan is to open a LaLaport mall like those of Japan in Kuala Lumpur in 2021.
The mall will sit on the 78,500-sq.-meter premises of the Bukit Bintang City Centre and will include residential and office space. It will comprise of 5 above-ground floors and 4 underground floors, and retail space will likely total 80,000 sq. meters – close to the 102,000 sq. meters of a major LaLaport mall in Chiba Prefecture.
The plan is to draw about 300 businesses to the new facility, among them restaurants, household goods stores, and fashion retailers.
On top of that, to distinguish the facility from the competition, Mitsui Fudosan intends to apply Japanese know-how to running the mall through such steps as training store managers and introducing a system to track daily sales of each store.
Costlier than the company’s outlet malls in Taiwan and the Chinese city of Ningbo, this new project will likely mark the biggest project for a commercial facility abroad by a Japanese real estate developer. Construction for the new 9-storey mall will begin in 2017.
Meanwhile, Mitsui Fudosan’s Mitsui Outlet Park KLIA Sepang has been performing well an expansion is now planned, driven by popular demand.
Source: Nikkei Asian Review.