Oct 8 2014, 11:53 AM, updated 12y ago
http://www.thesundaily.my/news/1191871
KL rail transit system naming rights a first in Asean
Posted on 8 October 2014 - 05:40am
sunbiz@thesundaily.com
PETALING JAYA: The ongoing tender exercise by Prasarana Malaysia Bhd's (formerly Syarikat Prasarana Negara Bhd) that will make Kuala Lumpur the first city in Asean to offer naming rights for its rail transit system is expected to change how brands and consumers interact in the near future as it offers a direct, tangible benefit.
Many brands and organisations have grasped opportunities to engage consumers by having a presence at the Bangsar and Universiti LRT stations as well as the bustling Bukit Bintang monorail station, while being part of the consumer's journey.
Prasarana Integrated Development Sdn Bhd (Pride) CEO Rudyanto Azhar said it has received interest and tenders from banks, telcos, consumers brands and property developers to secure the locations.
"With the tender exercise closing on Oct 17, we are excited about soon delivering a new experience for everyone," he said in a statement yesterday.
Rudyanto added that the concept of naming rights is relatively new and that the tender model offers the best transparency for an opportunity to be a daily and direct touch point with consumers.
"The result will be more vibrant stations and a new, exciting experience for commuters while marketers now have a dynamic new opportunity to engage consumers with their expanded brand presence through their investment in a better experience for the commuters," he said.
Naming rights have already been successfully implemented in transit systems in New York Metro, Metro Madrid, Dubai Metro and Mumbai Metro and is among the most exclusive forms of sponsorship and marketing that exists today.
Under the naming rights exercise offered by Prasarana, corporations or brands can bid for the right to transform a station to reflect the brand's corporate identity and name the station after themselves, for example "XBrand Bukit Bintang", in exchange for a fee and enhancing the overall experience for commuters using it.
Each station has a reserve price but the lowest is RM1 million a year for a minimum three years and to be eligible, parties tendering must be established in Malaysia for at least two years and be financially stable.
Private companies can buy name for MRT stations, new concept in Asean, pioneered by KL! News
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