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PETALING JAYA: The Mahkota Parade shopping complex in Melaka was re-launched on May 1 after a facelift.
The makeover process began in July 2009 and was completed last month at a cost of RM30.4 million.
“The revitalised shopping centre would improve the overall shopping ambience for customers,” according to Hektar Asset Management in an e-mail interview with theedgeproperty.com.
Hektar Asset Management is the manager of Malaysia’s first retail-focused real estate investment trust Hektar REIT. Mahkota Parade is one of three malls in its portfolio with a combined value of RM720 million as of Dec 31, 2009. The other two are Subang Parade in Selangor and Wetex Parade in Muar, Johor.
“This refurbishment is part of Hektar’s continuing efforts to invest in the Melaka market and retain Mahkota Parade’s status as the leading shopping centre in the state,” it said.
Mahkota Parade sits on a 10-acre leasehold tract and has a net lettable area of 461,067 sq feet and a gross floor area of more than one million sq ft.
The mall opened in 1994 and was acquired by Hektar REIT in 2006.
Current occupancy stands at around 93.6 %, with Parkson and Ampang Superbowl among the major tenants.
Hektar REIT saw a 10% rise in net income for 1Q ending March 10, 2010, at RM10.04 million compared with RM9.13 million in the same period last year.
Meawnhile, the REIT’s revenue of RM23.02 million was 6% higher than in 1Q2009, primarily owing to higher recognition of turnover rent in 2010 as well as the adoption of revised Financial Reporting Standard 117, which commenced on Jan 1, 2010.
