“By 2014, the mall, along with two office towers will be completed. By 2015, a hotel will be added next to the mall. The mall and the office blocks will be fully leased out. We will only sell the office blocks if we get an en-bloc buyer,” said IOI Properties Bhd senior general manager, Lee Yoke Har.
She added that the total gross development value for the commercial project was some RM2bil, with the mall taking up RM1bil. The mall, the office blocks and the hotel would occupy 36 acres and funding of it will come from internal funds.
The mall would have a crucial differentiation point that would set it apart from other malls. While refusing to divulge details, she added that the differentiation was in its entertainment park that was targeted at teenagers and young adults.
“If you like adrenaline rush coupled with information technology, then our entertainment park is for you,” said Lee.
Featuring the Garden Mall concept with lots of alfresco dining, the IOI City Mall will have a net lettable area of 1.35 million sq ft, some 350 shops and 7,200 car parks. The mall will be located in IOI Resort City.
“At present, construction of the three basement levels of the malls had been completed, and we are now starting to construct the above level storeys. The mall will have four storeys,” said Lee.
She added that the immediate target market of the mall was the 1.1 million residents living within a 10 minute drive from the Putrajaya area. Once completed, she felt that the mall would play a big role in further stimulating the vibrancy of Putrajaya.