MALAYSIAN Resources Corp Bhd (MRCB) expects an annual return of 6-7 per cent from its RM1 billion Nu Sentral retail mall at Kuala Lumpur Sentral in Brickfields, Kuala Lumpur.
Chief executive officer Mohamed Razeek Hussain is confident all 270 retail lots will be taken up before its completion in early 2012.
However, he declined to say how much the rental rates for the 1.2 million sq ft mall are.
"We have a lot of enquiries but we are being selective as we want to control the tenant mix. The lease will be reasonable and not as high as Suria KLCC. We expect up to RM70 million in revenue per annum," he said at the Nu Sentral retail launch last Friday.
MRCB has named Parkson department store and Golden Screen Cinemas as its anchor tenants, each taking 138,000 sq ft and 50,000 sq ft of space.
Nu Sentral will undergo both Singapore's BCA Green Mark (compliance) and Malaysia's Green Building Index (certification), making it the first green retail mall in Malaysia.
"The real estate mantra is always location, location, location, which we already have. What we are saying is position, position, position, setting a new standard and experience. We expect the mall to attract a large number of people," Mohamed Razeek said.
The seven-storey mall is part of the RM1.4 billion Lot G integrated development, a 51:49 per cent joint venture between MRCB and Pelaburan Hartanah Bhd (PHB).
The other component at Lot G is a 27-storey office tower with net lettable area of 450,000 sq ft. The building is owned by PHB.
PHB managing director/chief executive officer Kamalul Arifin Othman said the office tower will be leased to a single tenant.
PHB is in talks with a few parties but he declined to name them. MRCB has some RM8 billion worth of on-going projects at KL Sentral.
By Business Times
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