http://www.theedgemarkets.com/article/malt...ion-bukit-jalil

Malton: Qatar Investment Authority seeks participation in Pavilion Bukit Jalil
Chong Jin Hun
/
theedgemarkets.com

January 22, 2019 14:12 pm +08


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KUALA LUMPUR (Jan 22): The Qatar Investment Authority (QIA) has received principle approval from its investment committee to participate in the ownership of the Pavilion Bukit Jalil mall here, which is being developed by Malton Bhd.

However, the stake size in the Pavilion Bukit Jalil mall was not revealed.

In a filing with Bursa Malaysia today, Malton said QIA had, via its letter dated Jan 3, 2019, informed (Malton) that it has obtained principle approval from its investment committee to work towards participating in the ownership of the on-going development.

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"(This is) subject to the completion of due diligence and execution of legal definitive agreements," it said.

"Further announcements will be made in due course," Malton added.

On July 9, 2018, The Edge Malaysia weekly had reported quoting sources that Canada Pension Plan Investment Board was in talks with Malton on the purchase of up to a 49% stake in the Pavilion Bukit Jalil mall.

More recently on Jan 17, Malton announced that Pavilion Real Estate Investment Trust (REIT) has decided not to participate in the ownership of the Pavilion Bukit Jalil mall, but it did not give a reason.

Both Pavilion REIT and Malton are linked to property tycoon Tan Sri Desmond Lim Siew Choon, who is a substantial shareholder and chairman in both entities.

Pavilion Bukit Jalil comprises one block of retail mall with five levels of retail space and two levels of basement parking. The mall, scheduled to open in the third quarter of 2020, will have a net lettable area of 1.8 million sq ft.

The Pavilion Bukit Jalil mall is part of the wider Bukit Jalil City project, with a gross development value of RM4 billion, which is being undertaken by Malton's wholly-owned subsidiary Pioneer Haven Sdn Bhd.

At 4.40pm, Malton shares were up 1.5 sen or 2.94% at 52.5 sen, with 2.16 million shares done, bringing a market capitalisation of RM277.27 million.

Comfirm Or later say cancel again..

Lastly some good news to the shop owners there. VPed so long and bleed till ahmah cannot recognised already. But still need to wait foe the mall to complete in 2020 plus one two years to get wong. So shop owners will continue to bleed till 2022 maybe.. jialat

QIA is huge. The own Harrods and much more! “Pavilion Harrods” perhaps?

Harrods Bukit Jalil City..... i hope still need pavllion name

uhmmm...someone has added a tag for Harrod Bukit Jalil/Harrods 2 in wikimapia.
It has been there for a while.

Maybe they (Qatar) really interested in building giant mall complexes here after all.
Bukit Jalil city will be the old wings, Harrods Bukit Jalil will be the new wings and they will be connected through a pedestrian bridge or tunnel below TPM highway e.g just like 1U old wing and new wing

Daydreaming.

LOL

This post has been edited by willyboy88: Jan 25 2019, 11:51 PM


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Dude, buying stakes in the mall doesn't mean the name needs to change, please get this straight in your head..

Qatar body set to buy stake in Pavilion Bukit Jalil

KUALA LUMPUR: The Qatar Investment Authority (QIA) is set to buy a stake in a retail mall being developed by Malton Bhd in Bukit Jalil, Kuala Lumpur.

Malton said QIA has informed the group that it has obtained approval in principle from its investment committee to work towards participating in the ownership of Pavilion Bukit Jalil.

This, however, is subject to the completion of a due diligence and execution of legal definitive agreements, Malton said in a filing with Bursa Malaysia yesterday.
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The possible entry of QIA as a shareholder of Pavilion Bukit Jalil comes after a previous effort by Malton to get Pavilion Real Estate Investment Trust (Pavilion REIT) to participate in the ownership of the mall.

Pavilion REIT had initially accepted the offer that was made last August, but on Jan 17, Malton announced that the trust has since decided not to take up a stake in the mall. No reason was offered for the about-turn.

Both Malton and Pavilion REIT are linked to property tycoon Tan Sri Desmond Lim Siew Choon, who is a substantial shareholder and chairman in both entities.

Lim owns 37.4% of Malton through Malton Corp Sdn Bhd, and 27.9% of Pavilion REIT, making him the second-largest shareholder in the REIT after QIA’s subsidiary Qatar Holding LLC, which owns a 35.74% stake.

Last July, The Edge Malaysia weekly, quoting sources, reported that the Canada Pension Plan Investment Board was in talks with Malton on the possibility of buying a stake of up to 49% in the Pavilion Bukit Jalil.

Pavilion Bukit Jalil comprises a one-block retail mall with five levels of retail space and two levels of basement parking. The mall, scheduled to open in the third quarter of 2020, will have a net lettable area of 1.8 million sq ft.

The mall is part of the wider Bukit Jalil City project, with a gross development value (GDV) of RM4 billion, which is being undertaken by Malton's wholly-owned subsidiary Pioneer Haven Sdn Bhd.

Bukit Jalil City is jointly developed by Malton and Ho Hup Construction Co Bhd, with Malton bearing the entire development cost while Ho Hup provides the land and is entitled to 18% of the estimated GDV of RM3.4 billion.

Malton’s share price gained two sen or 3.92% to 53 sen yesterday, giving it a market capitalisation of RM279.92 million.

Pavilion REIT, meanwhile, closed two sen or 1.21% higher at RM1.67, valuing the trust at RM5.07 billion.

so what's your take? good?

save your energy. some ppl just won't learn.

now i just know pavilion bukit jalil its the best pavilion project on kuala lumpur...because got big investor and big management by harrods london

now u know huh.... not too late also....

sapu all park sky and park 2 re open unit rite now !!!

Buy now before its too late
If not pavilion open you need to buy from me at 5million for park sky

2019 park2 3 BR unit mega deal (1519 sqft) - 2.89mil

If interested, msg me.

As a developer and investor, will obtain higher value after the mall is completed and operation. Malton corp actively looking for buyer/investor during construction stage for reasons. what could that be?

Pm send

Building a mall is capital intensive. It is best to get a fund to invest in it and the team can focus on development as well as getting quality tenants.

No doubt is very capital intensive and funding is supposed to secure before commencing. Are you implying the developer is running short of funds to complete?

This post has been edited by icemanfx: Jan 23 2019, 06:07 PM

Double posted

This post has been edited by icemanfx: Jan 23 2019, 06:07 PM