Design Village, Batu Kawan

GEORGETOWN (Oct 16): Penang’s first ‘premium outlet’ mall, Design Village Penang, in Batu Kawan, will open a month ahead of schedule in October 2016, according to Savills Malaysia managing director Allan Soo. 

He revealed this at a progress update briefing with Penang chief minister Lim Guan Eng, where the chief minister conveyed the state government's compliments on the pace of progress achieved by the Northern Region's first and Penang's only premium outlet mall.

On rumours of another premium outlet mall opening in Penang, Soo said that Lim declared that there were no such plans to open another outlet mall for the state be it on the mainland or island. Lim added that the state administration would ensure newer proposals did not jeopardise the ability of innovative projects such as Design Village Penang to become viable businesses.

Design Village Penang is developed by PE Land (Penang) Sdn Bhd. Savills Malaysia is the leasing and retail development adviser.

The 400,000 sq ft Design Village Penang sits on 40 acres of mixed-used development land that will include a hotel, serviced apartments and high-end condominiums.

It has a total estimated gross development value (GDV) of RM1 billion. The GDV for Design Village Penang itself is estimated at between RM200 million and RM300 million.

The one-storey open-air mall will consist of sheltered walkways, lush tropical landscaping and 150 stores of international and regional brands.

Design Village Penang

Luxury brand anchor stores such as Hugo Boss, Aigner, Armani Exchange, Hackett and others have signed up as tenants, constituting a current take-up rate of approximately 40%, and an anticipated 70% occupancy rate by opening day.

With a target demographic of middle-income shoppers in mind, Design Village Penang will have 2,500 car parking bays, as well as children’s play areas in addition to eateries featuring international and local cuisine.

It will offer shuttle services to and from hotels as well as Penang International Airport.

Batu Kawan, dubbed “the new Penang”, is easily accessible via the island-mainland virtual ring road formed by the state’s two bridges to the mainland and several highways.

This article first appeared in The Edge Property, a pullout that appears every Friday with The Edge Financial Daily, on Oct 16, 2015. Download this week's and past issues of The Edge Property pullout here for free. 

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