The mall, which costs around RM300 million, measures 655,000 sq ft in gross floor area, spread over seven retail levels.
According to DTZ Nawawi Tie Leung Property Consultants Sdn Bhd deputy managing director Adzman Shah Mohd Ariffin, 1st Avenue is positioned as a stylish city mall that offers a variety of fashion, leisure, entertainment and dining outlets aimed at Penang urbanites.
DTZ is the leasing agent for the mall, which has a total net lettable area of 430,000 sq ft.
1st Avenue is jointly developed by three parties, namely the Belleview Group; Lion Group and Asian Retail Mall II Limited (ARML II); a pan-Asian fund managed by Pramerica Real Estate Investors (Asia) Pte Ltd.
Adzman told theedgeproperty.com that the mall is now in its final phase of construction with 99.7% of it completed, and will soon be handed over to the tenants for fit-outs.
“The mall targets primarily young executives and professionals aged between 20 to 35 years old.
“It also caters to international and domestic travellers staying in the many hotels in the immediate surroundings,” he said, adding that its retail stores comprised international and local retailers.
Its main highlight concept include a mall-in-mall concept at the lower-ground level named “Underground” and a lifestyle and entertainment enclave on Level 8 called “Cloud8”.
Cloud8 features a double-volume glass curtain wall that allows for a panoramic view over Georgetown, said Adzman. This level houses a cineplex, a family karaoke, dining choices, as well as a pavilion restaurant.
The “Underground” meanwhile, will comprise fashion and accessories outlets and quick-bite eateries.
According to Adzman, the mall's anchor tenant space, occupied by Parkson Department Store, has been 100% leased and specialty outlets are now 60% occupied, with more deals being negotiated.This outlet, which will be Parkson's 36th outlet nationwide, will occupy 95,000 sq ft spread over four levels.
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