PETALING JAYA (May 10, 2013): Mainstay Properties Sdn Bhd, the property arm of Mainstay Holdings Sdn Bhd, has teamed up with Horizon Group Properties Inc (HGPI), a leading owner and developer of factory outlet shopping centres in the US, to jointly develop a factory outlet in Sepang, Selangor.
Dubbed "The Outlet Shoppes", the factory outlet is located along the B15 trunk road and visible from the Elite Highway in Sepang.
Construction on Phase 1 of the project entailing 300,000 sq ft of gross floor area is expected to begin next year, with the grand opening scheduled for 2015.
Under the joint venture (JV), Mainstay Properties and HGPI will co-develop the project, with HGPI responsible for leasing and management.
"Kuala Lumpur is a major international tourist and retail market and we have the best location for the development of what will be Malaysia's premier outlet centre. Mainstay is a fantastic partner and we look forward to building the same success in Asia as our centres in the US," said HGPI president and CEO Gary J. Skoien in a statement today.
The project is HGPI's first in Malaysia.
"We are quite excited about this JV as HGPI is a renowned expert in the premier outlet business. We plan to turn the premier outlet into a tourist destination as it is strategically located within a 5km radius to the KL International Airport and is a convenient drive from Kuala Lumpur," said Mainstay Properties deputy chairman Terry Teo.
The premier outlet is expected to create about 1,000 new jobs once completed, while generating in excess of US$100 million in annual sales.
No comments:
Post a Comment