MSL Properties expects 5% to 6% ROI on new mall

KUALA LUMPUR: MSL Properties Sdn Bhd expects a return of investment (ROI) of between 5% and 6% annually from its recently-opened community and lifestyle mall, Wangsa Walk Mall.

With a construction cost of about RM100 million, the shopping mall opened its doors in September 2009 with a tenancy of close to 96%, said Retail Mall General Manager Foong Meng Khum.

He was speaking to reporters after the official launch of the mall by Federal Territories and Urban Well-Being Minister Datuk Raja Nong Chik Raja Zainal Abidin.

There are 174 outlets and tenants at Wangsa Walk Mall, which include Cold Storage, Secret Recipe and Asia’s second-largest fitness centre Celebrity Fitness.

“We are close to signing the tenancy agreement for the other 4%. We expect to be 100% occupied in the next two months,” he said.

In a short span of just five months, the complex has recorded approximately 5,000 visitors per day on weekdays and 15,000 on weekends.

Wangsa Walk Mall was designed not only to cater to the shopping needs of visitors, but more importantly to serve as a leisure and activity centre for the community.

The mall is equipped with facilities such as an amphitheatre, a 400m walking and jogging track around the complex, nine state-of-the-art cineplexes as well as 174 stores, which offer a variety options to the visitors.

MSL Properties’ Director, Koh Teck Chuan said currently, the main focus of the company this year is to manage the mall efficiently and establish it as “the mall” in Wangsa Maju.

The developer of Bandar Baru Wangsa Maju township, MSL Properties owns 25 acres of residential and commercial landbank in the area.