Imperio Mall retail units launched at Hatten City

PETALING JAYA: Melaka-based Hatten Group Sdn Bhd recently launched retail units for sale at Imperio Mall, part of the developer’s Hatten City mixed development project in the historical city of Melaka.

Situated within the commercial area of Melaka Raya and just mere minutes away from Unesco World Heritage sites in Melaka, Hatten City is said to be the largest new development in Melaka with a gross development value (GDV) of RM2.5 billion. It was first launched in April last year, when the eight-level Elements Mall and the two-tower 45-storey Silverscape residences were opened for sale. Elements Mall has 837 shop lots ranging from 102 sq ft to 11,000 sq ft, while Silverscape comprises 760 apartment units. So far, 85% of Elements Mall and 80% of Silverscape have been sold.

When completed, the 25-acre Hatten City will have a net development area of 6.5 million sq ft, with about 3,300 residential units and 3,800 retail units in total.

Imperio Mall itself offers 750 retail units, housed in over seven levels, to house both local and international fashion brands. The developer is offering a sale and leaseback scheme with guaranteed returns for two years. With unit sizes from 120 sq ft, the units are tagged from RM1,600 psf to RM3,500 psf. Imperio Mall has a total net lettable area of 350,000 sq ft.

Imperio Mall is the retail portion of the mixed-use 3.5-acre [email protected] City that has an estimated GDV of RM600 million. Besides the seven retail floors (Imperio Mall), there will also be seven levels of car parking and serviced apartments housed in two 19-storey blocks. The serviced apartments, known as Imperio Residence, will be launched for sale in June 2013.

There will be a total of 936 apartment units at Imperio Residence to be sold at an indicative price of RM800 psf. Hatten Group managing director Colin Tan said facilities include world-class sports and spa facilities such as a sky gym overlooking the infinity pool, which fronts the sea on one end and the city on the other.

“Residents will also enjoy classy party lounges, convenient multi-function rooms, spacious BBQ decks for gatherings or celebrations as well as a reading area on the top-floor viewing deck,” he said.

An artist's impression of RM2.5 billion Hatten City in

Tan is banking on the tourism sector in Melaka to benefit the local property sector.  According to Tan, the tourism industry in Melaka is expected to continue booming. Tourist arrivals in Melaka have increased from 8.9 million in 2009 to 12.1 million in 2012, an increase of 36%.

“The growing tourist influx will boost the local residential property market as residential units can be rented out to tourists or be transformed into vacation homes for foreigners. Prices of retail shop lots in Melaka have also seen a significant increase in value, up to a high of RM3,200 psf,” he said.

Hatten Group’s first project was to revive the previously abandoned Dataran Pahlawan in 2004. The group consequently developed a mixed development opposite Dataran Pahlawan called Hatten Square. It includes a 710-room four-star hotel called Hatten Hotel, which is situated above Hatten Square and was completed in June and started operations in September. Hatten Hotel has an average occupancy rate of 75%.

Next to be launched in Hatten City after Imperio will be a commercial component called Highstreet and high-rise residence Ivory Cove.

This article first appeared in The Edge Financial Daily, on Dec 28, 2012.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.