Low Yat Group expects RM55m rentals in 5 yrs from Rivercity

KUALA LUMPUR : Privately-owned Low Yat Group, which is undertaking the "Rivercity" mixed development along Jalan Ipoh here, expects to rake in some RM55 million in rentals within five years from its commercial portion when the upgrading is completed.

Low Yat Group deputy general manager for property development Leow Sian Hoong said on Monday, Oct 12, the rentals at Rivercity were expected to double to RM8 a square feet (psf) from the maximum of RM4 psf prior to the upgrading initiative.

"Rivercity is set to be the landmark of Jalan Ipoh, and we are targeting 90% occupancy rate with a good tenant mix by the first quarter of 2010.

"It's 100% owned by Low Yat. We are very selective (of our tenants)," Leow said during a media briefing on the Rivercity project.
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