OSK Property targets five new malls in five years

PETALING JAYA (May 28): OSK Property Holdings Bhd targets to open another five shopping malls in the next five years after the reopening of Atria Shopping Gallery in SS22, Damansara Jaya today.

“By 2020, we intend to complete five more shopping malls. Atria Shopping Gallery is just the first of the six,” said executive director Ong Ju Xing in a press conference at the soft opening of the refurbished Atria Shopping Gallery.

He added that the company is currently planning its second shopping mall in Cheras. “The mall will be part of our new integrated development there. That mall will roughly have a net lettable area (NLA) of 500,000 sq ft.

“The third one will be in Sungai Petani. It’s part of our 2,600-acre township. We are planning for one million sq ft of NLA. It will be the largest mall in Kedah.”

The fourth one will be in Section 13, Petaling Jaya with an estimated 200,000 sq ft NLA.

“The fifth one is in Melbourne, South Bank area, near the casino. The final one will be in Cyberjaya, which is also part of our mixed-integrated project. It’s going to have 350,000 sq ft NLA,” Ong shared.

Ong is optimistic about the shopping mall market and believes the market can absorb more shopping malls if the new ones can differentiate themselves.

“We are confident we can be differentiate ourselves from the other malls. We would have done an in-depth survey on shoppers’ habits, the neighbourhood’s needs and the future market trend before we start a project. We know what the market needs are, and I believe Atria Shopping Gallery is a good example of a different shopping environment and experience for shoppers,” Ong said.

Atria Shopping Gallery used to be one of the earliest malls in the Klang Valley. In 2007, OSK Property decided to acquire and restore the mall to make it relevant to the vibrant and fast-changing lifestyle of Malaysians. The entire development has a gross development value of RM1 billion.

The transformed upper-middle class mall was reopened today after four years. About 65% of the stores (175 stores) began operations today, while another 20% are expected to open in June.

“There are still some 15% or roughly 7,050 sq ft available for rent. We are looking to reach 95% occupancy this August,” Ong said, adding that the total net lettable area in the mall is 470,000 sq ft.

The mall has been occupied with a mix of upmarket local and international brands as well as 12 mini anchor tenants, such as Village Grocer supermarket, Chi Fitness gym, Ace Hardware, Dynasty Dragon Chinese restaurant and the largest Mango fashion store in the country, which occupies almost 16,000 sq ft.

There is also a pre-school within the mall – The Little Tree House – a collaboration between OSK Ventures Investment and HELP Education Bhd, for children between four and six years old.

The five-floor retail mall is part of a mixed-use development, which also comprise two blocks of 14 storeys each of 392 small office/flexible office (SoFo) units named Atria SoFo Suites. The units are due for completion by this year-end.

Atria SoFo Suites was launched in 2011 at a record RM850 to RM1,000 psf in that area. The built-ups range from 488 sq ft and 1,200 sq ft.

View the video on the event.