I read in Nikkei Asian Review that Mitsui Fudosan will develop a nine-storey, 45 billion yen (RM1.6 billion) mall in Malaysia together with Eco World Development Group and two other local partners. This will be its biggest project for a commercial facility abroad by a Japanese real estate development and it will be a LaLaport mall, just like those in Japan. Google “LaLaport” for more information. This new mall is slated to open in 2021 within a 78,500 sq ft metre premise in Bukit Bintang City Centre(BBCC). Read about BBCC here: Bukit Bintang City Centre, launching second quarter 2016
Retail is not in a great shape currently. However, from the looks of the Lalaport as well as the fact that it will be within the BBCC, I think this would be serving the middle-upper segment and should do just fine. Read here: Higher end retail still okay? Growing 3-4% The mall will have 5 above-ground floors and four underground floors. Construction starts next year and retail space will boast five above-ground floors and four underground floors. Construction will begin in 2017. Retail space will likely total 80,000 sq. meters (861,000 sq ft). A total of 300 businesses are expected to operate within this mall including restaurants, household goods stores and fashion retailers. Annual sales target has even been set at 42 billion Yen (RM1.5 billion)
Mitsui Fudosan is also the company behind the Mitsui Outlet Park. The one nearby the KLIA? Read here: Mitsui Outlet Park vs Johor Premium Outlet? It has a wide-ranging businesses including commercial facilities, housing, office buildings and hotels. This expansion into Malaysia is because Malaysia is a growing country versus its home country. In 2014, Mitsui Fudosan generated 6.4 percent of its operating profit from overseas. Its target is to hit 12 percent by fiscal year 2017. Let’s wish them the best and to all the other Japanese companies who has yet to invest in Malaysia, the time is now. Let’s go visit this LaLaport mall, in future.
written on 25 Mar 2016
Next suggested article: Klang Valley property retail market? Oh dear