i-City’s regional shopping mall’s new design unveiled

SHAH ALAM: I-Bhd and Central Pattana PCL have unveiled an amended design for the regional shopping mall in the 72-acre (29ha) i-City, Shah Alam.

Approval for the subdivision of the site to provide the mall joint venture with a separate land title was approved in March, said I-Bhd in a statement yesterday.

I-Bhd and Thailand’s Central Pattana signed a joint venture to develop the Central Plaza @i-City in July last year, with an investment of RM580 million. It has one million sq ft of leasable area.

“As the mall is a long-term investment with plans for an eventual unlocking of the mall value via a REIT (real estate investment trust), there were requirements for the mall to be on a separate plot of land as well as being a dedicated mall building,” it said.

“In view of this, not only did the land have to be subdivided into the mall plot and Central Tower land plot, the mall had to be redesigned so that the various office, residential and hotel towers originally planned to be on top of the mall can all be relocated to the Central Tower plot,” said I-Bhd.

Other than the mall, the 18-acre site will comprise two 26-storey office towers, two serviced apartment blocks, and a 450-room four-star hotel.

With the approval and completion of the redesign, the joint-venture company has formally applied for an amendment to the development order.

“The application timeline dovetails with I-Bhd’s corporate plans at our extraordinary general meeting to seek  I-Bhd’s shareholders’ approval for the Central Pattana joint venture would be held at the end of this month,” said I-Bhd deputy chairman Datuk Eu Hong Chew.

“Over the past year, we spent considerable time and effort to meet all the land conditions as well as to redesign the project so that although on adjacent plots, the mall and Central Tower development share the same design theme,” he said.

The development of the mall and Central Tower will be carried out concurrently to ensure there will be a residential component ready when the mall opens in 2017. Other residential projects are also scheduled to be completed within the next two years.

According to Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim, the development of the CentralPlaza @i-City will transform Shah Alam into a regional shopping centre, befitting Shah Alam as the state capital of Selangor. “Our vision is for Shah Alam to be a centre of commerce and this mall is an important building block,” he said.

I-Bhd said, over the past few years, i-City has helped to transform Section 7 of Shah Alam. i-City was the first MSC Malaysia Cybercentre in Selangor and is still today the only such centre in Shah Alam.

“At the same time, the Leisure Park @ i-City has helped to establish Shah Alam as a tourism destination. The mall will be another contribution by  i-City,” it said.

According to Central Pattana, Malaysia was chosen to the first mall investment outside Thailand because of its excellent track record in economic management. It noted that Malaysia is a major tourism destination and the mall will benefit from this tourism growth.

This article first appeared in The Edge Financial Daily, on June 13, 2014.

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