Wednesday, November 2, 2011

Mah Sing, Thailand developer plan mall in Icon City

KUALA LUMPUR (Nov 2): MAH SING GROUP BHD [] is teaming up with Thailand's largest retail developer Central Pattana plc to look into the proposed development and management of a shopping mall in Icon City, Petaling Jaya.

Mah Sing said on Wednesday, its unit Sierra Peninsular Development Sdn Bhd had signed an MoU with Central Pattana to exchange general information to look into the shopping mall project via a joint venture and/or partnership.

Sierra Peninsular is the developer of Icon City - Mah Sing Group's flagship commercial project with an estimated gross development value of RM3.2billion.

'The potential joint cooperation with Central Pattana represents a strategic opportunity for Mah Sing to venture into commercial and retail property investment and management, which will complement its property development core competencies,' Mah Sing said.

The integrated development comprises shop offices, retail lots, small office versatile offices and serviced residences in Phase 1, as well as the Mall, hotel, serviced residences, boutique offices and corporate office towers in Phase 2.

Mah Sing said the first phase of Icon City, launched in July, saw overwhelming response for its commercial small office versatile office units, 30 Jewels (7&8 storey shop offices) and Gourmet Street (1&2 storey retail shops).

'To date, PROPERTIES [] in excess of RM 600 million in gross development value has been taken up,' it said.

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