Sultan of Terengganu officiates the ground breaking ceremony for the development of Mayang Mall in Kuala Terengganu, owned by PHB to be managed by Sogo.
Kuala Terengganu, 3 April 2017 – His Royal Highness Sultan of Terengganu, today officially launched the project site where the development of a modern retail mall, to be named Mayang Mall, will take place.
His Royal Highness arrived at the ground breaking ceremony at approximately 9.30 am accompanied by Yang Amat Berhormat Dato’ Seri Haji Ahmad Razif bin Abd. Rahman, Chief Minister of Terengganu, the state’s Exco members, Yang Berbahagia Tan Sri Md Nor Yusof, Chairman of Pelaburan Hartanah Berhad (PHB) and Yang Berbahagia Datuk Kamalul Arifin Othman, Group Managing Director and Chief Executive Officer of PHB.
This occasion carved another milestone in PHB’s portfolio, established as a real estate investment company and a wholly owned subsidiary of Yayasan Amanah Hartanah Bumiputera (YAHB).
In August 2015, PHB entered into a Sale and Purchase Agreement with the State Government of Terengganu and Lembaga Tabung Amanah Warisan Negeri Terengganu (LTAWNT), a Terengganu State Government agency, to acquire a parcel of commercial land in the capital city of Terengganu.
With the agreement signed, the signatories acknowledged that the Terengganu State Government will alienate the land to PHB, approved for a mixed commercial development.
The approximately 10.8 acres site is strategically located at Jalan Sultan Zainal Abidin, in the heart of Kuala Terengganu – the state’s administrative and commercial hub, bordering another project known as Kuala Terengganu City Centre (KTCC), making it a viable property investment with high investment potential.
The ground breaking ceremony also witnessed the signing of two agreements between PHB and Sogo (KL) Department Store Sdn Bhd (Sogo), namely the Development Agreement and Leasing Agreement of Mayang Mall.
Sogo KL as the anchor tenant has been appointed to manage the entire mall operations to get the right retail mix according to the requirements of local residents and tourists alike in line with its status as the first full-fledged modern shopping mall in the East Coast of Malaysia.
The mall is jointly designed by renowned architectural firm, GDP Architects Sdn Bhd and retail planner Lead 8 Pte Ltd (Singapore). The project is scheduled to be completed in the year 2020.
Commenting on today’s ceremony, Yang Amat Berhormat Dato’ Seri Haji Ahmad Razif bin Abd. Rahman said, “This is a significant occasion especially since this year has been declared as Visit Terengganu Year 2017.
It reflects on the seriousness of the state government, not just to attract investors and increase the economic status of the state, but towards its goal to add to the many attractions already available in Terengganu.
Currently known to possess some of the most beautiful islands and beaches in the region, we will soon have an international retail mall as a tourism offering. I was also informed that Mayang Mall will provide approximately 3,000 employment opportunities to the people of Terengganu”.
Furthermore, according to Dato’ Seri Haji Ahmad Razif, the onset of a drawbridge and East Coast Highway 2 (LPT2), constructed under the East Coast Economic Region Development Council (ECERDC) development project, would improve connectivity of the site to commercial hubs within and outside Terengganu, thus adding to its attractiveness.
In his remark at the ground breaking ceremony, Yang Berbahagia Datuk Kamalul Arifin Othman, said, “Ever since our inception in 2006, PHB has diligently focused its efforts to boost Bumiputera ownership in commercial real estates in Malaysia.
This year, after marking our presence in Klang Valley and South of Peninsular Malaysia, PHB’s participation in the development of Terengganu is a strategy to strengthen our footing in commercial hubs across the country.
We truly believe that the development of Mayang Mall will further create valuable asset to our company’s growing portfolio resulting in the progress of our company and stable rental income that benefits our Amanah Hartanah Bumiputera (AHB) investors”.
The mixed-use development will be launched in two phases. Phase 1 will consist of a 15-storey serviced apartment block and a mall, named Mayang Mall with net lettable area of 715,000 sq. ft. The tentative plan for Phase 2 will be a 16-storey hotel which will depend on market demand. The gross development value of this project is estimated at RM900 million.
Once completed, Mayang Mall will be PHB’s fifth mall after four others located in Kuala Lumpur, Selangor and Malacca. Sogo KL is chosen to manage the mall based on its immaculate reputation.
At last count, Sogo KL receives one million shoppers a month who visited its mall in Jalan Tunku Abdul Rahman, Kuala Lumpur, while some 6,000 of its loyalty card members are from Terengganu.
There will be 300 retail space available at Mayang Mall for tenants comprising of fashion outlets, cinema, supermarket, wellness centre, food and beverage stalls, bookstore, a food court and other services.
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