KUALA LUMPUR: Mah Sing Group Bhd is exploring a potential partnership with Thailand’s Central Pattanna Pcl to develop a shopping mall within the former’s Icon City project.
Mah Sing said its wholly owned subsidiary, Sierra Peninsular Development Sdn Bhd, yesterday inked a memorandum of understanding (MoU) with Central Pattana to explore a potential joint venture or partnership to develop and manage the shopping mall.
In a filing with Bursa Malaysia yesterday, Mah Sing said the potential collaboration represents a strategic opportunity for it to venture into commercial and retail property investment and management, which will complement its core property development business.
“The potential joint venture with Central Pattana, Thailand’s largest retail developer, is expected to bring greater vibrancy and further uplift the overall development appeal of Icon City,” it added.
Icon City is Mah Sing’s flagship commercial project in Petaling Jaya with a gross development value (GDV) of RM3.2 billion.
According to Mah Sing, preliminary plans for the retail mall have earmarked an estimated gross floor area of over one million sq ft. The retail mall is part of Icon City’s second phase development, which includes a hotel, serviced residences, boutique offices and office towers.
Launched in July, Icon City’s first phase comprised shop offices, retail lots, small office versatile offices and serviced residences.
As for the investment structure, Mah Sing said the matter will be further discussed subject to due diligence, in-depth feasibility studies and board approval of both companies.
The MoU is valid until formal agreements are entered into by the parties within six months, with an automatic three-month extension or further extensions as may be mutually agreed upon.
In a separate announcement, Mah Sing said the conditions precedent fulfilment period for its Pekeliling flats redevelopment project had been extended by one month.
In August, Mah Sing had secured the development rights for the 1.65ha site along Jalan Tun Razak and Jalan Pahang, with a potential GDV of RM900 million.
Mah Sing’s wholly owned unit Grand Pavillion Development Sdn Bhd had entered into a joint venture agreement with Asie Sdn Bhd and the latter’s unit, Usaha Nusantara Sdn Bhd, to develop a niche project called M Sentral there.
This article appeared in The Edge Financial Daily, November 3, 2011.
Mah Sing said its wholly owned subsidiary, Sierra Peninsular Development Sdn Bhd, yesterday inked a memorandum of understanding (MoU) with Central Pattana to explore a potential joint venture or partnership to develop and manage the shopping mall.
In a filing with Bursa Malaysia yesterday, Mah Sing said the potential collaboration represents a strategic opportunity for it to venture into commercial and retail property investment and management, which will complement its core property development business.
“The potential joint venture with Central Pattana, Thailand’s largest retail developer, is expected to bring greater vibrancy and further uplift the overall development appeal of Icon City,” it added.
Icon City is Mah Sing’s flagship commercial project in Petaling Jaya with a gross development value (GDV) of RM3.2 billion.
According to Mah Sing, preliminary plans for the retail mall have earmarked an estimated gross floor area of over one million sq ft. The retail mall is part of Icon City’s second phase development, which includes a hotel, serviced residences, boutique offices and office towers.
Launched in July, Icon City’s first phase comprised shop offices, retail lots, small office versatile offices and serviced residences.
As for the investment structure, Mah Sing said the matter will be further discussed subject to due diligence, in-depth feasibility studies and board approval of both companies.
The MoU is valid until formal agreements are entered into by the parties within six months, with an automatic three-month extension or further extensions as may be mutually agreed upon.
In a separate announcement, Mah Sing said the conditions precedent fulfilment period for its Pekeliling flats redevelopment project had been extended by one month.
In August, Mah Sing had secured the development rights for the 1.65ha site along Jalan Tun Razak and Jalan Pahang, with a potential GDV of RM900 million.
Mah Sing’s wholly owned unit Grand Pavillion Development Sdn Bhd had entered into a joint venture agreement with Asie Sdn Bhd and the latter’s unit, Usaha Nusantara Sdn Bhd, to develop a niche project called M Sentral there.
This article appeared in The Edge Financial Daily, November 3, 2011.
