KUALA LUMPUR: The Pavilion group is targeting sales turnover of RM1.7bil within the first year of operations for its Pavilion Bukit Jalil City mall when it begins operations in 2020.
Pavilion KL retail chief executive officer Datuk Joyce Yap said the mall had already received more than 1,000 registrations from prospective tenants.
“With a net lettable area of approximately 1.8 million sq ft, it is set to be a regional mall in terms of brands mix, flagship stores and concept,” she told reporters at the launch of the second tower of The Park 2 serviced apartments at Bukit Jalil City earlier today.
Yap is confident the mall will have an occupancy rate of over 70% when it opens its doors in three years.
Bukit Jalil City, which has an estimated gross development value (GDV)of RM4bil, is a collaboration between Malton and Pavilion KL. Launched in 2015, the 50-acre project will comprise three phases.
The first phase comprises 112 signature shop offices and have been fully sold since its launch in 2015. The second phase, also fully sold, consists of 1098 units of luxury serviced apartments and 44 units of retail shops.
The third phase comprises the two towers of The Park 2.
Sitting on freehold land, The Park 2 has an estimated GDV of RM720mil and comprises 709 units of serviced apartments, with 385 units and 324 units each in Tower 1 and Tower 2 respectively.
The first tower of The Park 2 was launched in March and has a take-up rate of over 90%.
About 70% of Tower 2 has been snapped up by buyers. Units start from RM630,000.
The Bukit Jalil City project will also include the transformation of the Bukit Jalil National Sports Complex into a versatile and modern sports city by 2020.