50% NLA taken up for Paradigm JB, says WCT

PETALING JAYA (Aug 5): Paradigm Johor Bahru, which is targeted to be launched by the third quarter of 2016, has 50% of its net lettable area (NLA) taken up.

“We [Paradigm JB] are 50% occupied. Currently, we are in the midst of negotiations with another few key junior anchors, from clothes, sports, toys to books. We are also being approached by various fashion brands such as Topman and Zara. Most of them are seeking overseas principal approval now,” WCT Holdings Bhd executive director Choe Kai Keong told theedgeproperty.com.

He added that the secured tenants include SOGO, Village Grocer and GSC cinema.

Located along Jalan Skudai, the 13-acre Paradigm JB has an NLA of 1.3 million sq ft.

It will also be the largest shopping mall in Johor, with an ice skating rink, cinema, international and local fashion and restaurant brands.

Besides six levels of retail mall with 4,200 parking bays, the mixed-use development also consists of 24 storeys of services apartments and a 17-storey four-star hotel. 

WCT Holdings Bhd managing director Taing Kim Hwa is targeting to launch the 296-room hotel by 2017, a year after the opening of Paradigm JB.

Meanwhile, the official launch of its 263-unit serviced apartment project called BRIO will take place early next year.

BRIO, which sits above Paradigm JB, was soft launched half a year ago.

The apartments have only registered bookings of less than 10% due to the overall market slowdown.

“The [high-rise residential] market is slow. This is not only us but the overall market. We are not in a hurry [to close the sales]. We believe the product will be appreciated in the longer term,” said Choe.

BRIO is selling at RM600 psf, with built-ups of 520 to 1,360 sq ft, with choice of studio, 2-bedroom, 3-bedroom and semi-detached dual-key units.