QUOTE(wil-i-am @ Aug 9 2016, 10:20 PM)
Phase 2 is developed by GOB?
Business News
Saturday, 18 June 2016
Strategic malls still pulling ’em inBY EUGENE MAHALINGAM
IOI City Mall to add another million sq ft
DESPITE the subdued retail property market currently, malls that are generally strategically located, or managed “properly” are still attracting customers in the droves.
An example of that is IOI City Mall (pic above), which opened its doors at the end of 2014. With a net-lettable area of more than one million sq ft, the mall is already gearing up for a new phase, equally as big, says IOI City Mall Sdn Bhd marketing and leasing head Chris Chong.
“The success of IOI City Mall shall be replicated in its phase two development, with an additional one million sq ft and a major convention centre as the management aims to deliver a space for social and economic connection,” he tells StarBizWeek.
“Thus, the addition of two blocks of Grade A office towers and the completion of the five-star Le Meridian Hotel in mid-July are expected to invite more diversified excitement that will draw bigger crowds to the mall, especially on weekdays.”
About RM1.5bil was invested to build the mall, which is located just a stone’s throw away from IOI Resort in Putrajaya. Chong says the mall has an occupancy rate of around 95%, with rental rates ranging from RM5 to RM20.