New Mall Coming up in Kuala Terengganu

New Mall Coming Up in Kuala Terengganu

Published: The EDGE Property
By: Racheal Lee
Source: The EDGE Property

THE Klang Valley is facing an oversupply of retail space with more than seven sq ft per capita based on the population of more than seven million. New completions last year, which included Atria Shopping Gallery in Damansara Jaya, Sunway Putra Mall in Kuala Lumpur, Ikea Cheras, Emerald Avenue in Selayang and Star Avenue Lifestyle Mall in Shah Alam, had resulted in more than two million sq ft of new retail space.

This is not the case for other states. For example, even though Terengganu has a population of about 1.1 million, its retail space per capita is low, at 0.9 sq ft per person.

Seeing an opportunity for modern retail offerings, Pelaburan Hartanah Bhd (PHB) is planning a mixed-use development in Kuala Terengganu, which will include a mall to be leased out entirely to its anchor tenant, Sogo (KL) Department Store Sdn Bhd.

The project is in line with PHB’s long-term plan to go to different states. With most of its investments in the Klang Valley, the company currently owns four malls in Kuala Lumpur, Selangor and Melaka. It also has other assets in Negeri Sembilan and Iskandar Malaysia in Johor.

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