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Citta to open by end-2010

KUALA LUMPUR: Citta (pictured), a new strip mall near Ara Damansara is expected to open for business in 4Q2010 with approximately 70% occupancy, Allan Soo, managing director of CB Richard Ellis (CBRE) Malaysia told theedgeproperty.com. CBRE is the retail consultant for Citta.

The construction of the mall is progressing as scheduled and thus far, several F&B and retail outlets have signed the lease. Talks are also underway to lock in the tenancies for a supermarket, gym and karaoke, said Soo.

“It takes time to establish a shopping mall, we will need to leave a few slots open for the retailers who need more persuasion. Also, we have to be selective. There should be a mix of retailers to bring in the crowd and establish a name. We have a comprehensive mix of retail types to cater for the modern lifestyle,” said Soo.

F&B takes up 24% of the trade mix at Citta, followed by books/gifts/IT/hobbies/music/telco at 17% while beauty and wellness, and convenience and services take 13% each. The remainder is split between entertainment, fashion, household/electrical and others. The strip mall has a nett lettable area of 424,467 sq ft.

Citta is a RM280 million open concept retail precinct with an emphasis on convenience, catering to the daily needs of families. According to Soo, more information on key tenants will be announced in April.

Soo estimated the average household income in the area to be at around RM9,000, ensuring a strong middle-income base.

Additionally, with the opening of the new Subang-Kelana Link, Citta will bring in a new catchment area of approximately 369,000 households, an addition of more than 100,000 from the previous 281,000 households, added Soo.

Citta is a joint venture between Puncakdana Sdn Bhd and SEB Asset Management, which is one of Germany’s largest fund managers. Citta is SEB’s first investment in Malaysia.

 

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