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Jaya Section Fourteen plans to acquire more neighbourhood malls

PETALING JAYA: Jaya Section Fourteen Sdn Bhd is looking at acquiring more neighbourhood malls as part of its investment plan, said director Ismail Ani Arope.

“We have a certain amount of funds which has been entrusted by our private real estate fund to look out for assets similar to Jaya Shopping Centre,” he told reporters after the re-opening of the upgraded shopping mall.

According to Ismail, the concentration of shopping malls in the Klang Valley is the main reason the company is focusing on neighbourhood malls as an investment portfolio.

“However, it all depends on retailers and the location of our next asset, which will be based on their preference,” he said.

The developer spent RM400 million on re-opening Jaya Shopping Centre, which was closed in 2009 for redevelopment.

Opened to the public on April 28, the anchor tenants are supermarket chain Cold Storage Malaysia and TGV Cinemas Sdn Bhd.

Other tenants include home-grown brands such as Chapter One Bookstore, CIMB Bank, Hings Watch, Poh Kong, Poya and Serai.

Over 80% of the 270,000 sq ft lettable space was already tenanted by food and beverage outlets and shops offering services and products related to health and beauty, lifestyle and entertainment.

Jaya Shopping Centre forms part of a portfolio belonging to a private real estate fund managed by CIMB-Mapletree Management Sdn Bhd, a joint venture between CIMB Group and Mapletree Investments of Singapore. — Bernama


This article first appeared in The Edge Financial Daily, on May 27, 2014.

 

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