KLCCP's Lot C with office blocks and retail podium to be ready next year

KUALA LUMPUR: KLCC Property Holdings Bhd's (KLCCP) Lot C, which is a new extension to Suria KLCC with office blocks and a retail podium, is slated to be ready by next year.

The company's CEO Hashim Wahir said the RM1 billion Lot C is on schedule for completion by Oct 2011, while the retail podium will have tenants moving in early next year.

He added that KLCCP was working towards a single-tenant occupancy for the office space, while the retail area spans over 140,000 sq ft, adding on to the one million sq ft in Suria KLCC.

"The interest (in Lot C) is pretty strong and we are in the process of negotiating tenancies," Hashim told reporters after the company's AGM on Tuesday. Meanwhile, KLCCP's non-independent non-executive director Datuk Manharlal Ratilal was tight-lipped on the identity of the single tenant for Lot C's office block.

"It is not appropriate to say until we have signed and sealed the deal. We are confident but we are still in discussions," he said.

Hashim said the retail podium in Lot C complements Suria KLCC and will have a seamless connection, allowing Suria KLCC's traffic to ease its way into Lot C's retail portion.

Asked whether Suria KLCC and Lot C would have different retail tenants, Hashim said: "I would say that when we designed Lot C, it was essentially an extension of Suria, fundamentally strengthening the retail mix within Suria."

Suria KLCC has been enjoying footfalls of above 40 million in the last three years of which 20% are foreign tourists. KLCCP owns properties largely within the KLCC development comprising office buildings, a shopping mall and luxury hotel Mandarin Oriental, and also the Dayabumi complex and Menara ExxonMobil among others.

Meanwhile, Manharlal disclosed that the occupancy rate for Mandarin Oriental had slipped 10%, averaging at 57%, for the last financial year due to the financial crisis in 2008, which had resulted in a drop in business travellers.

"Of course occupancy is down as compared to previous years but I think we are seeing some healthy trends coming out from it. Most importantly, the hotel itself does not deteriorate in terms of maintaining its status," he added.

KLCCP closed at RM3.22 on Tuesday, gaining 10 sen.
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