CapitaMalls Asia, Sime Darby Property to develop shopping mall in Klang Valley
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SINGAPORE: CapitaMalls Asia and Sime Darby Property will jointly develop a shopping mall in Klang Valley, Malaysia.
Sime Darby Property is Malaysia's largest property developer in terms of land bank.
In a joint statement, the companies said they have entered into a conditional agreement to form a 50-50 joint venture to develop the mall on a freehold site in Taman Melawati.
The total development cost is expected to be about RM500 million (S$204.5 million).
CapitaMalls Asia and Sime Darby Property added that the mall will have a total net lettable area of about 635,000 square feet, subject to the relevant regulatory approvals in Malaysia.
The shopping mall is expected to be completed in 2016, and will serve a catchment population of around 800,000 people within a 10-minute drive.
This development will be CapitaMalls Asia's sixth mall in Malaysia.
In a joint statement, the companies said they have entered into a conditional agreement to form a 50-50 joint venture to develop the mall on a freehold site in Taman Melawati.
The total development cost is expected to be about RM500 million (S$204.5 million).
CapitaMalls Asia and Sime Darby Property added that the mall will have a total net lettable area of about 635,000 square feet, subject to the relevant regulatory approvals in Malaysia.
The shopping mall is expected to be completed in 2016, and will serve a catchment population of around 800,000 people within a 10-minute drive.
This development will be CapitaMalls Asia's sixth mall in Malaysia.
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