MELAKA: Melaka-based developer Hatten Group is looking to revive the once vibrant and buzzing Bunga Raya township with the launch of its RM250 million shopping mall Verdo by the River.
The shopping mall will take over the vacant site of the former Melaka Central Market before it was demolished in the 1980s.
The project is aligned with the state government’s campaign to rehabilitate and beautify the Melaka River and its surroundings, said Hatten Group group managing director Colin Tan at the launch yesterday.
“Vedro represents Hatten Group’s commitment to supporting the state government’s aim to prosper the tourism industry in Melaka. Vedro is destined to outshine all within its vicinity as the epicentre of a sparkling new retail lifestyle in Melaka,” he said.
Verdo has a net lettable area of 106,871 sq ft with an average unit size of 130 sq ft. Prices start from RM168,000. Hatten Group is targeting young executives and young entrepreneurs.
According to Tan, Verdo is the first freehold retail property along the Melaka River by Hatten Group in the historical city. The development offers a purchase and lease back scheme of 6% per annum in rental returns, giving Hatten Group control of the tenant mix.
The tenants will be grouped into three general categories of fashion, lifestyle and F & B, said Tan.
He believes Verdo will be well-received by local and foreign investors who are keen to invest in a fast developing state such as Melaka. The shopping mall will also be part of the tourism market.
“In line with the Visit Malaysia 2014 campaign, Malaysia is targeting to host 28 million visitors, and Melaka is expecting 14 million visitors, hence tourism is a booming market to cater to,” said Tan.
Hatten Group was incorporated in 2008. Among its notable developments in Melaka are the award-winning Dataran Pahlawan Melaka Megamall, Hatten Hotel, Hatten City and Imperio Residence. The developer aims to achieve its vision of being one of the top 10 largest property developers by 2020. — by E Jacqui Chan
This article first appeared in The Edge Financial Daily, on October 25, 2013.
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