SME

Friday, 11 July 2014

Major brands sign tenancy deals with new mall

An artist's rendering of the overall IOI City Mall development.

An artist's rendering of the overall IOI City Mall development.

TESCO Hypermarket, HomePro and AEON Index Living Mall have recently signed lease agreements to become the anchor tenants of IOI City Mall.

The retailers are set to take up approximately 4,000sq m, 9290.3sq m, and 6038.7sq m of the mall, respectively.

IOI City Mall has retail nett lettable area of 1.35mil sq ft (125419.104sq m).

Speaking at the signing ceremony, IOI Properties Group Bhd chief executive director Lee Yeow Seng said that the company is heartened by the keen interests shown by the retailers who have chosen to come on board.

Signing on behalf of Tesco Stores (Malaysia) Sdn Bhd, chief executive officer Georg Fischer expressed delight for the hypermarket to be part of the mall.

“We are very excited that Tesco is joining the development, having been in talks for more than three years,” said Fischer.

(From left) Fischer, Lee, Nur Qamarina Chew and Jitjaturunt showing the lease agreements for IOI Mall.
(From left) Fischer, Lee, Nur Qamarina and Jitjaturunt with the lease agreements for IOI Mall.

Fischer said that the outlet will be Tesco’s 52nd.

However, he said that the outlet would not take after the usual big-box hypermarket concept that includes non-food products.

“This outlet will mainly focus on food products, providing a fresh experience that will fit the upmarket customer profile,” said Fischer.

Thailand’s Home-improvement brand, HomePro, will make its first appearance in Malaysia in IOI City Mall.

Home Product Center (Malaysia) Sdn Bhd managing director Anuchar Jitjaturunt said that the home-improvement center aspires to become a one-stop location for homes improvements in the country and in Asean.

The outlet in IOI Mall hopes to draw customers with 35,000 products through three concept categories, including “Build It” for basic home building and designing, “Improve It” for home improving and maintenance, as well as “Live It” for home enhancements and decorations.

Aeon Index Living will also be opening its first location in IOI Mall.

The home and interior furnishing store is run by AEON Co (M) Bhd’s subsidiary, Aeon Index Living Sdn Bhd.

Aeon Index Living is a joint venture between AEON and Index Living Mall Co Ltd, a Thai furniture company that has more than 40 years of history under its belt.

“We are proud to be making Index Living Mall’s first presence in IOI City Mall.

“With a strong design and sourcing base, the brand will cater affordable home lifestyle luxuries for today’s modernised living,” said Aeon Index Living Sdn Bhd director Nur Qamarina Chew Abdullah.

With the signing on of the three establishments, the mall has fulfilled 85% of the tenant occupancy rate.

“Now that the key tenants have been secured, the mall will concentrate on getting in specialty shops,” said IOI Properties’ Lee.

He added that more tenancy negotiations are underway.

The mall is slated for completion on Nov 10 this year.

The mall is part of IOI Resort City, joining existing components including Putrajaya Marriott Hotel and Spa, Palm Garden Hotel, two office towers and the golf course in the integrated retail, commercial and residential development.

The 320-acre site where the resort city sits will also be the location of future developments such as the IOI City Hotel, IOI City Office Towers, as well as other high-rise office towers, lakefront and park offices, villas, condominiums, serviced apartments and townhouses.

Tags / Keywords: Tesco Malaysia , HomePro , AEON Index Living , IOI City Mall , IOI Properties , Putrajaya

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