KUALA LUMPUR: Asian Pac Holdings Bhd has pre-leased 65% of the 800,000 sq ft of net retail space in its lifestyle luxury Imago Mall in Kota Kinabalu (KK), Sabah.

Its management said the mall is scheduled for completion in the fourth quarter of 2014, and has attracted both international and local labels, some of which are making their entry into the KK market.

The brands that will be making their maiden presence in the Sabah capital, through Imago Mall, include Aeon Fantasy, Sembonia, MBO Cinemas, Charles & Keith, Victoria’s Secret, Dorothy Perkins, Miss Selfridge and Topshop.

Meanwhile, brands that are already in KK but will be opening new outlets at the mall include Parkson, Swarovski and Padini. In total, there will be 300 retail outlets at Imago Mall.

At a press conference yesterday, Asian Pac chairman Tan Sri Megat Najmuddin Megat Khas said Imago Mall will be the first of its kind to tap the three million tourists who visit KK annually.

Group chief executive officer Raymond Yu said Imago Mall will be the first non-strata fully leased shopping mall in KK. “This allows us to have complete control over its tenancy mix, facilities and amenities.”

Yu said he expects the property to contribute about 25% to group revenue by 2016. He did not elaborate except to say that the property could yield about 5%.

“It is part of our strategy to grow the recurring income,” he added.

For the financial year ended March 31, 2013, the developer posted revenue and net profit of RM103.14 million and RM17.6 million respectively.

Imago Mall is designed to cater for a resident population of about 400,000. The entire project consists of a 15-acre retail mall, exterior shoplots and five blocks of luxury apartments with 631 units, for a total development cost of RM700 million.
Yu: It is part of our strategy to grow the recurring income. Najmuddin said the residential units have seen a positive take-up from locals and foreigners.


This article first appeared in The Edge Financial Daily, on December 18, 2013.

 

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