Mah Sing Signs A Memorandum of understanding with Central Pattana Thailand
Nov 03, 2011
KUALA LUMPUR: Mah Sing Group Bhd today signed a memorandum of understanding (MOU) with Central Pattana Public Co. Ltd, to jointly study the potential investment of developing and managing a one million sq ft retail mall, within Icon City in Petaling Jaya, through a joint venture and or partnership.
"We believe the potential joint venture with Central Pattana will add vibrancy and further uplift the overall appeal of Icon City with the latest in retail offerings and shopping experiences of world-class standards," said Mah Sing's Group Managing Director cum Group Chief Executive, Tan Sri Leong Hoy Kum, in a statement today.
Icon City is Mah Sing's flagship integrated commercial project with an estimated gross development value of about RM3.2 billion.
The integrated development comprises shop offices, retail lots, small office versatile offices and serviced residences in Phase 1.
It also comprises the retail mall, hotel, serviced residences, boutique offices and corporate office towers in the second phase.
Central Pattana is Thailand's largest retail developer currently managing 16 shopping centres, six office buildings, two hotels and two residential projects.
The potential JV with Central Pattana will incorporate both parties’ resources and expertise for the mutual benefits and for further development of a shopping mall, under the investment structure which will be further discussed and agreed upon subject to the result of the due diligence and in-depth feasibility studies and the approval of each party’s board of directors.
The presence of Central branded retail elements within Icon City is a strategic fit for Icon City as it offers the community with the choice and availability of the latest trend in retail offerings and shopping experiences. The strong brand of retail is also expected to draw and further boost traffic flow into Icon City.
