KUALA LUMPUR (Nov 23): KLCC Property Holdings Bhd (KLCCP) and the Qatari Investment Authority will build a new retail mall plus two towers next to the Petronas Twin Towers. The new development is set to expand the retail, office and hotel space in the KLCC development.
The two new towers, one for offices and the other a hotel, will sit on the new four-storey podium retail block (with 300,000 sq ft of retail space), which will be integrated with the present Suria KLCC mall.
The new development is slated for completion by 2015. However, details on the cost of the development and specifications are still being finalised and should be available in early 2012, according to Andrew Brien, CEO of Suria KLCC Sdn Bhd, who told journalists at the company's Media Day on Tuesday.
Suria KLCC recently opened the extension to its present mall. Known as "Ramlee Expansion", the new extension added 140,000 sq ft and 37 speciality outlets to the present mall that has a total gross floor area of 1.78 million sq ft and 384 outlets.
"Acting on consumer insights from research, we have embarked on a series of refurbishments to our mall to further set us apart, as well as stay fresh and relevant to our retail partners and consumers," said Brien.
Aside from owning 60% of the Suria KLCC mall, KLCCP owns Kompleks Dayabumi, Menara ExxonMobil and has a 33% stake in Menara Maxis, according to the company's recent annual report.
Suria KLCC has an annual turnover of RM2 billion and an average of 41 million visitors each year. The six-level mall covers a gross area of 1.78 million sq ft with a net lettable area of 1.17 million sq ft.
KLCCP saw its profit before tax for the quarter ended Sept 30 rise 6% year-on-year to RM152.37 million. Revenue improved 5% to RM244.83 million, mainly contributed by the retail space at Menara 3 Petronas, rental revisions and new leases in Suria KLCC as well as better performance from its car park management business.
"The directors are of the opinion that the prospects for the financial period ending Dec 31, 2011 will be satisfactory with the existing long- term tenancies, and contribution from the retail space of Menara 3 Petronas," said KLCCP.
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