SStwo Mall up for sale
ASIAN Retail Mall Fund II (ARMF), which owns the SStwo Mall in Petaling Jaya, is believed to be seeking a buyer for the retail asset as an earlier plan to redevelop the site has been shelved.
The Edge understands that the vendor is hoping to seal a deal for around RM200 million. The owner may also be willing to do an asset/land swap with an interested party.
The neighbourhood shopping centre, operated by SStwo Mall Sdn Bhd, was shut down in March last year after operating for less than 4½ years. It was built at a cost of RM180 million.
Together with two other malls that the fund is looking to divest — Island Plaza in Penang for an estimated RM120 million and Seremban Prima (previously known as Seremban Parade) in Negeri Sembilan for RM150 million — its retail assets could fetch up to RM470 million.
Tenants of SStwo Mall were given notice to vacate the premises in late 2014, and the shopping centre was closed on March 31 last year. The tenants were told that a partial demolition of the retail structure had been planned and that the mall’s size would be reduced considerably. A serviced apartment block was to be built on top of the resized mall.
Located on a 7.8-acre site, SStwo Mall has a gross floor area of 700,000 sq ft and a net lettable area of 460,000 sq ft.
http://www.theedgeproperty.com.my/content/...ce=facebook.comThis post has been edited by MonGJiHyo: Sep 3 2016, 10:06 AM