Wednesday, August 28, 2013

MAHB, Mitsui to develop the Mitsui Outlet Park

Posted on 22 August 2013 - 05:40am Premalatha Jayaraman - The Sun Daily

SEPANG (Aug 22, 2013): Malaysia Airports Holdings Bhd (MAHB) is partnering Japan's Mitsui Fudosan Co Ltd to develop Southeast Asia's largest factory outlet park at a cost of RM335 million at KLIA Aeropolis here.

MAHB managing director Tan Sri Bashir Ahmad Abdul Majid said both parties have formed a joint venture (JV) company – MFMA Development Sdn Bhd, of which Mitsui owns a 70% stake and MAHB the rest.

Under the JV, MFMA will lease the land from MAHB and will be responsible to construct the buildings and lease them out to tenants.

"MFMA will also be tasked to promote this project. Takehito Fukui has been appointed as managing director of MFMA," Bashir told reporters after the signing ceremony between MAHB and Mitsui here yesterday.

He said the Mitsui Outlet Park KLIA will be develop in three phases, with construction of Phase 1 slated to start by the end of this year and will be open to the public in early 2015.

Bashir said Phase 1 of the project will cover 25,000 sq m and will house about 140 retail shops.

The outlet park project covers a total 180,000 sq m of land, with 46,300 sq m of overall shop areas and about 260 shops in the final stage.

It is part of MAHB's KLIA Aeropolis plan, a mixed development that includes offices, commercial establishments, a convention centre, logistics facilities, a theme park and golf courses.

"We see this JV as a pacesetter for the development of KLIA Aeropolis and it will boost confidence of investors and developers in the commercial potential for KLIA land.

"One of the most important benefits from this project is the opportunity to further expand MAHB's non-aeronautical or commercial revenue in line with our 2010-2014 Business Direction: Runway to Success programme, where commercial development is slated to be MAHB's main driver of revenue and profitability growth," said Bashir.

He added that plans are afoot to provide shuttle bus service from the airport to the outlet park and to establish check-in counters and flight information display boards at the park.

Mitsui executive managing officer Takeshi Suzuki said this will be the largest factory outlet establishment by the company after China, and it plans for similar outlet malls in Taiwan and LaLaport project in Shanghai Jin Qiaoa.

Mitsui manages 12 outlet malls in Japan.


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