S P Setia Bhd and Lend Lease today announce an agreement with Parkson Corporation Sdn Bhd for the rental of 120,000 sq ft at their new retail development in Setia Alam, Shah Alam. Parkson join the project as the sole department store and key anchor retailer of the 700,000 sq ft development.
The new store, spread over two levels, will add to Parkson’s portfolio of over 35 stores nationwide. With the addition of Parkson, the new mall moves closer to achieving its vision of becoming the destination of choice for neighbourhood shopping, entertainment and parklife.
Located at the heart of leading Malaysian property developer S P Setia’s thriving 4,000 acre Setia Alam township, the mall will facilitate the rapid expansion of one of the fastest growing development hotspots in Malaysia.
To be developed by a new joint venture between S P Setia and the Asian Retail Investment Fund, a fund managed by the investment arm of international property developer Lend Lease, the mall is set to dramatically enhance Shah Alam’s shopping and leisure offer and will provide destinational appeal to draw customers from across Malaysia, with a focus on the wider Klang Valley.
The new mall will be designed, marketed and managed by the joint venture entity, combining the best of Malaysian and international retail development skills and experience to create a high quality, successful retail environment.
In addition to world class design, the new centre will also set the benchmark in sustainable retail development, being the first and only mall to be included under the Malaysian Green Building Index’s pilot accreditation scheme.
As well as the new Parkson store, the centre will also include over 200 local and international specialty stores, a number of major anchor retailers, an entertainment precinct and a large park. It will also offer efficient access to over 2,000 car parks and will be easily connected to nearby roads, towns and major highways.
Designed by the Lend Lease team, the mall will support S P Setia’s vision for Setia Alam, which already has over 20,000 new residents and is set to expand to over 50,000 by the time the mall opens. The new centre will also draw customers from a wider catchment area with a population of approximately one million people. This, coupled with the increasing growth of the Klang Valley, means the new mall will fast become one of Malaysia’s leading and most dominant retail destinations.
Tan Sri Liew Kee Sin, S P Setia said: 'Parkson’s proven success in the middle and upper-middle income segments of the Malaysian retail market perfectly complements the buyer profiles of both Setia Alam and Setia Eco Park.'
Ooi Eng Peng, Chief Executive Officer - Asia, Lend Lease, said: 'The Parkson brand and partnership crystalise our proposed retail mix and positioning of the mall and is an ideal way to begin the leasing of this development. The partnership created presents a fantastic opportunity for our shoppers and will ensure we can continue to deliver on our vision for the project.'
Mr Toh Peng Koon, Chief Operating Officer, Parkson Corporation Sdn Bhd, said: 'Going forward, we continue to look at adding 15% more space each year and our venture into Setia City Mall as an anchor retailer fits perfectly into our strategy. It is likely that when Parkson Setia City Mall opens at the end of 2011, it will be our 40th store in Malaysia and the 105th store in the Parkson global network.'
Setia City Mall sees collaboration between three industry leaders. S P Setia is Malaysia’s leading real estate developer, Lend Lease are globally recognised property experts and Parkson is one of the most recognisable consumer brands in Asia Pacific.
Construction begins in December 2009.