By Sharen Kaur
sharen@nstp.com.my
Published in NST on Oct 24, 2012
sharen@nstp.com.my
Published in NST on Oct 24, 2012
KUALA LUMPUR: Asian Pac Holdings Bhd, a property developer and investment group, expects to generate annual revenues of around RM45 million from Imago, its new retail mall in Kota Kinabalu, Sabah.
The 800,000 sq ft mall is part of Asian Pac's KK Times Square integrated development, which includes signature offices and The Loft residences.
The mall will be co-leased by CB Richard Elis (Malaysia) Sdn Bhd and it is expected to be fully taken up by the end of next year, said Asian Pac chairman Tan Sri Megat Najmuddin Megat Khas.
Imago comprises 300 retail, catering, lifestyle and entertainment outlets. It is earmarked to be completed by the fourth quarter of 2013.
Megat Najmuddin said there will be mixed tenancy for Imago, featuring premium luxury outlets, fast-moving fashion houses, household stores, lifestyle and entertainment centres.
Parkson will be the anchor tenant with a retail space of 140,000 sq ft spread over three floors of shopping.
"All the retail lots will be leased, so we can better control the tenancy mix. With Imago, we are sure Sabah will reach higher standards in terms of retail, lifestyle and living," he said.
Megat Najmuddin said the mall will cater to 400,000 people in nearby areas, which fall in the middle to upper class brackets with average household income starting from RM4,500 a month.
He said 70-80 per cent of the targeted revenue will be locally derived and the rest from Asia and the Middle East.
"We have done our math to ensure the success of Imago. Our studies show that the potential retail spend by locals is anticipated to be RM1.38 billion annually.
"Sabah, being Malaysia's largest tourist destination, is expected to attract 2.93 million tourists per annum, with RM7.32 billion in tourist dollars. We see great potential in Imago," Megat Najmuddin said.
Imago, when fully developed, will be the first of its kind non-strata fully leased mall in Sabah, but it will not be the biggest.
The current largest lifestyle mall in Sabah is 1Borneo, with 1.5 million sq ft of retail space.
The 800,000 sq ft mall is part of Asian Pac's KK Times Square integrated development, which includes signature offices and The Loft residences.
The mall will be co-leased by CB Richard Elis (Malaysia) Sdn Bhd and it is expected to be fully taken up by the end of next year, said Asian Pac chairman Tan Sri Megat Najmuddin Megat Khas.
Imago comprises 300 retail, catering, lifestyle and entertainment outlets. It is earmarked to be completed by the fourth quarter of 2013.
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Parkson will be the anchor tenant with a retail space of 140,000 sq ft spread over three floors of shopping.
"All the retail lots will be leased, so we can better control the tenancy mix. With Imago, we are sure Sabah will reach higher standards in terms of retail, lifestyle and living," he said.
Megat Najmuddin said the mall will cater to 400,000 people in nearby areas, which fall in the middle to upper class brackets with average household income starting from RM4,500 a month.
He said 70-80 per cent of the targeted revenue will be locally derived and the rest from Asia and the Middle East.
"We have done our math to ensure the success of Imago. Our studies show that the potential retail spend by locals is anticipated to be RM1.38 billion annually.
"Sabah, being Malaysia's largest tourist destination, is expected to attract 2.93 million tourists per annum, with RM7.32 billion in tourist dollars. We see great potential in Imago," Megat Najmuddin said.
Imago, when fully developed, will be the first of its kind non-strata fully leased mall in Sabah, but it will not be the biggest.
The current largest lifestyle mall in Sabah is 1Borneo, with 1.5 million sq ft of retail space.
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