By Sharen Kaur
Asian Pac Holdings Bhd expects Imago Mall, its new retail venture in Sabah, to contribute up to RM70 million, or more than 25 per cent, to its yearly revenue from 2016.
Syarikat Kapasi Sdn Bhd, a unit of Asian Pac, is developing KK Times Square Phase 2 in Kota Kinabalu. The project comprises the 800,000-square feet Imago, signature offices and 631 luxury apartment units.
Asian Pac chairman Tan Sri Megat Najmuddin Megat Khas said Imago, which has 300 retail lots, is expected to rake in between RM60 million and RM70 million per year in the first few years of operation.
This is based on current market rates and rental yields in Sabah, he said at a media briefing, here, yesterday.
"We are leasing all the units to control the tenant mix. It would boost our recurring income and annual contribution to the company," he said at a press conference, here, yesterday.
For the year ended March 31 2013, Asian Pac reported a net profit of RM17.63 million on RM103.24 million revenue.
The bulk of the net profit and revenue was from property developments in Kepong, Johor Baru and Kota Kinabalu.
Its property investment segment generated income from the leasing of land and office space in Kepong Entrepreneurs' Park. There was also income derived from carpark operations.
Megat Najmuddin is bullish that the annual retail spending in Kota Kinabalu will exceed RM1.4 billion.
"The Kota Kinabalu International Airport is the second busiest airport in Malaysia with roughly three million tourists a year. Most of them are from South Korea, Japan, Taiwan and Hong Kong and so there is good catchment for Imago," he said.
Retailers such as Parkson Corp Sdn Bhd, DNP Clothing Sdn Bhd, Bonia Group, AEON Fantasy (Malaysia) Sdn Bhd and Valiram Group have agreed to set up shop at Imago, selling local and international brands.
Asian Pac Holdings Bhd expects Imago Mall, its new retail venture in Sabah, to contribute up to RM70 million, or more than 25 per cent, to its yearly revenue from 2016.
Syarikat Kapasi Sdn Bhd, a unit of Asian Pac, is developing KK Times Square Phase 2 in Kota Kinabalu. The project comprises the 800,000-square feet Imago, signature offices and 631 luxury apartment units.
Asian Pac chairman Tan Sri Megat Najmuddin Megat Khas said Imago, which has 300 retail lots, is expected to rake in between RM60 million and RM70 million per year in the first few years of operation.
This is based on current market rates and rental yields in Sabah, he said at a media briefing, here, yesterday.
"We are leasing all the units to control the tenant mix. It would boost our recurring income and annual contribution to the company," he said at a press conference, here, yesterday.
For the year ended March 31 2013, Asian Pac reported a net profit of RM17.63 million on RM103.24 million revenue.
The bulk of the net profit and revenue was from property developments in Kepong, Johor Baru and Kota Kinabalu.
Its property investment segment generated income from the leasing of land and office space in Kepong Entrepreneurs' Park. There was also income derived from carpark operations.
Megat Najmuddin is bullish that the annual retail spending in Kota Kinabalu will exceed RM1.4 billion.
"The Kota Kinabalu International Airport is the second busiest airport in Malaysia with roughly three million tourists a year. Most of them are from South Korea, Japan, Taiwan and Hong Kong and so there is good catchment for Imago," he said.
Retailers such as Parkson Corp Sdn Bhd, DNP Clothing Sdn Bhd, Bonia Group, AEON Fantasy (Malaysia) Sdn Bhd and Valiram Group have agreed to set up shop at Imago, selling local and international brands.
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