Plans for a new 7-storey mall

The old Jaya Shopping Centre building is an investment property under CIMB-Mapletree Real Estate Fund 1 (CMREF 1) currently managed by real estate fund management company CIMB Mapletree Management Sdn Bhd — a 60:40 joint venture between CIMB Group and Singapore’s Mapletree Investments Pte Ltd.

When contacted, CIMB-Mapletree Management said it would be premature to comment as the authorities are investigating the collapse of the supermarket building.

CMREF 1, a RM1.5 billion closed-end real estate fund with a diversified local and foreign institutional investor base, acquired Jaya Shopping Centre for RM110 million in February 2006. CMREF1 wholly owns the building via Jaya Section Fourteen Sdn Bhd.
Besides Jaya Shopping Centre, investment properties under the fund include CP Tower, an office development in KL Sentral and a high-end residential project in Penang.

In a filing with Bursa Malaysia at end-April, Malton Bhd announced that its wholly-owned unit Domain Resources Sdn Bhd has been awarded a RM175 million contract by Jaya Section Fourteen to design and build a 7-storey mall with four basement floors where the Jaya Shopping Centre is located. In the filing, it said the project was scheduled to start in August this year and is to be completed by November 2011.

Upon completion, the new lifestyle mall will have 783 parking bays and 310 motorcycle bays. In the early 1990s, Jaya Shopping Centre was slapped with a fine for constructing extra floors above the car park building before amended building plans were approved.




This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 758, June 8 – 14, 2009.