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SP Setia expects 80% tenancy for SetiaWalk mall

PUCHONG: SP Setia Bhd, the developer of boutique lifestyle development SetiaWalk, is confident of leasing out at least 80% for the project's mall component in time for its launch in the first quarter of 2012, said its divisional general manager Wong Tuck Wai.

"This was based on the good response by retailers", he said after the signing ceremony between SP Setia and three new anchor tenants on Wednesday, Nov 3.

The three anchor tenants are TGV Cinemas, Celebrity Fitness and Superstar Karaoke, taking up about half of the mall, dubbed block K.

Wong said another anchor tenant, a Chinese restaurant, is expected to come on board this month.

The group is currently in talks with two major Chinese restaurant chains, he added.

TGV will have nine cineplexes with seven large halls that can accomodate over 200 audiences at once, spanning 13,000 sq ft, said its chief of operations Kenny Wong.

Meanwhile, Celebrity Fitness will take up 22,000 sq ft over two levels of the retail centre, said its Malaysian managing director Kwangho Choi.

Superstar Karaoke's family-friendly outlet will span 12,000 sq ft and will feature a touch-screen song-selection system.

However, the karaoke business may opt to increase its space to 18,000 sq ft, said its consultant and operations manager Richard Law.

The rents of the ground floor units are RM6.50 psf for intermediate units while the corner units will command RM7.50 psf.

For the first floor, rents for intermediate and corner units are RM4 and RM4.50, while rental for office floors are RM2 psf with a rental yield estimated at 10% for en bloc buyers.

SetiaWalk, aimed at the trend-conscious, rests on a 20.8-acre site along the Lebuhraya Damansara-Puchong (LDP) Highway, representing the last of SP Setia's parcel of development in Puchong.

The mixed-development comprises retail blocks and serviced apartments.

With a gross development value (GDV) of RM1 billion, the entire development has a gross floor area of 2.3 million sq ft and a net lettable area of 2.4 million sq ft, plus shop offices.

It will sport a 290-metre waterfront feature will cost RM15 million, excluding running costs.
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