S P Setia's Setia City Mall set to be largest in Shah Alam

TheEdge Thu, Oct 17, 2019 01:25pm - 4 years View Original


SETIA ALAM (Oct 17): Setia City Mall — joint venture between S P Setia Bhd and Lendlease — is set to be the largest mall in Shah Alam, after the Phase 2 expansion completion by second half of next year. 

Over RM500 million will be invested in the mall' expansion, which will see its size increase 61.64% or an additional 450,000 square feet to 1.2 million square feet, from 730,000 square feet currently — making it the largest shopping and leisure destination in Shah Alam. 

Lendlease Development (Malaysia) Sdn Bhd head of retail (Malaysia) Mitch Wilson said the mall has achieved 95% tenancy rate, while the second phase has already secured 70% tenancy rate. He is expecting the number to continue to grow. 

Wilson is expecting the mall's traffic footfall to increase 30% to 50% following completion of the expansion plan, but he was tight lipped on the numbers.

"The expansion of Setia City Mall at this juncture augurs well with S P Setia's long term vision for its investment property arm. Being located in the 400,0000 acres flagship township of Setia Group, the mall is poised for steady mall growth as more residents move into this township, which upon completion will be home to possibly 200,000 people," said Datuk Tan Hon Lim, executive president of S P Setia at the unveiling of Phase 2 expansion plan for Setia City Mall. 

The expansion plan will see the new wing add another 150 retail outlets, sprawling three levels of the mall, adding to the existing 235 retailers which currently include key tenants such as Parkson, Urban Fresh and Golden Screen Cinemas. 

The expansion phase will also add another 1,800 parking bays to the current 2,500 bays, for a total of 4,300 parking bays upon completion. 

At noon break, S P Setia was unchanged at RM1.32 for a market capitalisation of RM5.46 billion. The counter saw some 1.61 million shares traded. 

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koay peter
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Don’t buy any property as world economic recessions and finiacial crisis will come soon

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