KUALA LUMPUR: Kasuka Group will launch Seremban’s first street mall — Seremban Gateway — at end-2015. The mall has an estimated development cost of RM80 million.
“Seremban Gateway will be a landmark for Seremban when it opens for business in December 2015 as it is located between Seremban town and Seremban 2. The street mall is conceptualised as a meeting place and food and beverage (F&B) hub for tourists and travellers,” Kasuka Group executive director Paul Yap Poh Lim told The Edge Financial Daily.
The mall comprises 43 retail lots and 200 parking bays. It is located in Jalan Sungai Ujong in Seremban, which is accessible via the North-South Expressway (NSE).
“Seremban Gateway is planned as a one-stop home-furnishing centre. It is well positioned to serve the home-furnishing needs of 41,628 units of incoming residential properties and 39,714 units of planned residential properties in Seremban [according to the National Property Information Centre’s Property Stock 3Q2014] as well as owners of 165,789 existing units of residential properties in Seremban who wish to upgrade and refurnish their residences,” said Yap.
The mall has a net lettable area (NLA) of 120,000 sq ft and approximately 200,000 sq ft of gross built-up area. The rental rate for the lots ranges between RM1.50 and RM10 per sq ft (psf), while the built-ups range from 1,697 sq ft to 12,034 sq ft.
Its facilities and services include 24-hour security, fibre-optic networks, three passenger lifts and one service lift. The nearby amenities include KPJ Seremban Specialist Hospital, East West College, Negeri Sembilan Museum and the Seremban Komuter station.
The developer intends to allocate 45% of the mall for home furnishing, 30% for F&B and 25% for convenience and services. It will retain all the retail shops for recurring rental income and to ensure that the selection of tenants complement each other. To date, Coffee Bean is the first confirmed tenant.
Among the group’s future developments are 23 units of semi-detached shop offices in G Business Park Seremban with a gross development value of RM40 million. They are priced at about RM1.7 million and have built-ups of between 5,907 sq ft and 6,740 sq ft.
Next in the pipeline are two commercial developments, one located near the Seremban toll at Jalan Labu and the other in Persiaran Senawang Satu (near the Giant hypermarket and upcoming Mydin hypermarket). The developments are still in the preliminary planning stage.
This article first appeared in The Edge Financial Daily, on January 16, 2015.
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