space u8 retail mall to yield 6%-7% return

SHAH ALAM: SpaceU8 Property Management Sdn Bhd expects its new urban retail stores mall project, space u8, to generate between 6% and 7% return.

Its chief executive officer Raja Ahmad Nizam Raja Razali said the company would bring in more multi-brand retail outlets including from overseas from time to time to enhance the property value.

"The construction will be completed by the middle of next month and the mall will be officially launched in July or August," he told reporters after the tenancy signing ceremony here on Tuesday, May 3.

The retail mall, which is 95% completed, has seen a take-up rate of 45% so far, and the company expects 65% take-up during the launch.

Located in Shah Alam's Bukit Jelutong township, the mall offers a total gross lettable area of 600,000 square feet, which surround a cavernous 70,000 square feet courtyard.

The price per outlet on the ground floor has increased to RM1.8 million from RM1.3 million when the project started on August 2008.

Outlets on the first floor range between RM600,000 and RM800,000 while RM500,000 for the third floor.

The five pioneer outlets which officially announced their tenancy were cineplex MBO, bowling centre Shalin's Bowl, supermarket Fresh Boulevard, pasta restaurant fanpastico, and foodcourt Space Wok. — Bernama