Met Galleria caters to retail demand

(From left) Naza TTDI Sdn Bhd chief operating officer Datuk Idzham Mohd Hashim, Naza Corp Holdings Sdn Bhd deputy chairman SM Faliq SM Nasimuddin and its chairman SM Nasarudin SM Nasimuddin launching Met Galleria.

By Sharen Kaur - Published in NST Property on August 23, 2018

MET Galleria, which was launched last month, will cater to the residents of MET 1 Residences, workers from nearby office towers and High Court, as well as visitors to the Malaysia International Trade and Exhibition Centre (Mitec).

The two-storey upmarket lifestyle mall, built within the RM20 billion KL Metropolis’ Met 1 building, will also cater to affluent Mont Kiara residents.

Met Galleria, with a gross development value (GDV) of RM160 million, is the first retail component for KL Metropolis, a 30-6ha mixed-use development — the largest trade and exhibition destination in Malaysia.

The mall has more than 80,000 sq ft of net lettable area set in a modern colonial setting.

Naza TTDI executive director and chief operating officer Datuk Idzham Mohd Hashim said Met Galleria was designed with future retailers in mind.

“We build to cater to the existing demand in our KL Metropolis area. We are focusing on the existing catchment as we will be having serviced residences, corporate towers and existing government offices surrounding Met Galleria.”

A unique characteristic of Met Galleria is the double ground floor concept — one fronting Mitec and the other fronting the High Court, he said at the launch.

Currently, 40 per cent of Met Galleria’s lettable area is dedicated to food and beverage, while 20 per cent has been planned for retail concept stores.

The remainder of the space will be distributed among anchor tenants (15 per cent), services (15 per cent), and the rest for showrooms and kiosks.

Idzham said other than Met Galleria, Naza TDDI will be confirming details of the components for KL Metropolis soon.

“Pioneer investors are poised to reap the most rewards as these upcoming announcements are expected to incrementally push the market value of both residential and commercial components at KL Metropolis.”

The commercial value of KL Metropolis has been cemented by Mitec when the Mice (meetings, incentives, conferences and exhibitions) venue officially opened its doors last year.

Mitec is not the only commercial component.

The MET Corporate Office Towers is another commercial development currently under construction. Developed by Triterra Metropolis Sdn Bhd, The MET is the first Grade A stratified corporate office towers in KL Metropolis, with two towers standing at 30 and 42 floors, respectively.

Meanwhile, MET 1 Residences, launched last year with 616 units (677 to 1,613 sq ft), is the first residential component at KL Metropolis.

There is another residential component called Arte Mont Kiara. This is a serviced residence developed by Nusmetro Sdn Bhd, a joint-venture partner of Naza TTDI.

Arte Mont Kiara has 1,706 serviced residences units with built-up ranging from 422 to 1,142 sq ft.