JAKS Resources aims to sell Evolve Concept Mall within a year

KUALA LUMPUR (June 28): JAKS Resources Bhd aims to divest the newly opened Evolve Concept Mall near Ara Damansara, Selangor, within a year to further enhance its financial position.

"We are in initial discussions with several parties in relation to the disposal of the mall," said JAKS senior corporate strategy manager Steven Ang Si Eeng, declining to reveal who are the parties involved.

"The vendors are from various industries including the property sector," he added.

Ang hoped the group would seal the sale and purchase agreement within 12 months.

The divestment came amidst the property sector slowdown, which has eroded property developers' profits. Ang is, however, optimistic that the group could find a buyer for the asset.

Ang said 80% of the tenants in the mall are committed to opening their stores by year end.

"Further, it is a community cum lifestyle shopping mall and is located next to the upcoming (Subang depot) LRT (Light Rail Transit) station.

"I believe the mall will do well once the LRT begins operation," Ang told reporters after the company's annual and extraordinary general meetings today.

According to JAKS's latest quarterly report, Evolve Concept Mall's fair value stood at RM390 million.

The mall has a net lettable area of 460,000 sq ft.

It has a retail mix of fashion brands, such as LOGO Fashion Lounge & Gallery, H&M, F.O.S, Jaya Grocer and Guardian pharmacy.

It also has various food and beverage outlets, such as Peninsula Chinese Cuisine and Texas Chicken, and a convention hall.

Its website listed LOGO, Foodzine, Celebrity Fitness, Jaya Grocer and Peninsula Chinese Cuisine as its main anchor tenants. — theedgemarkets.com

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