Over the last 30 months, ARA Asset Management Limited has acquired five Malaysian retail malls, at a total investment of more than RM1.3bil.
KLANG Parade, an iconic landmark in the royal town, is set to open its doors with a brand new look and revised tenant mix come December this year.
Purchased a year ago by ARA Asia Dragon Fund with the objective of redeveloping and reinvigorating the mall for the Klang community, it is set to become a one-stop destination for leisure and entertainment that meets the modern needs and demands of Klang residents within the vicinity.
Refurbishment works commenced in May, and changes for the mall include additional common areas such as two new Atriums — North and West — which will not only add extra dimensions to the existing space, but also enhance the lighting within the mall with natural light to the concourse areas.
The mall also underwent extensive interior reconfiguration such as new travelators, improved vertical transportation, all to ensure better circulation within the property and to make the mall more conducive for shoppers for an overall enhanced experience.
A reshaping from the previous boxed layout, using mega curve-shaped walls and arcades, unites the large floor plates, creating a continuing sense of interest throughout the space.
A new alfresco food and beverage area is also being established in the front of the property, replacing spaces previously used solely for foot traffic.
The building of new platforms and shelters will open up the socialisation space and put food and beverage tenants at the forefront of the mall.
Prior to the mall’s re-opening, Klang Parade’s leasing team signed on key anchor and mini-anchor tenants from notable retail and entertainment industries, this will go on to form key attractions in Klang Parade’s distinct retail and entertainment zones.
These include GSC Cinemas, Kamdar, Parkson, Econsave, Voir Gallery, Ampang Superbowl, Circus Circus, Digital World, SenQ Digital World, Dynasty Dragon Seafood Restaurant, Next Hip Hop Arena and Next Food Avenue. Confirmation of these tenants has pushed the occupancy rate close to 80%, with more expected to come sign up within the month.
“Without support from tenants, and the right tenant mix, a mall will not be successful or be able to prosper to new heights. These two factors are tantamount to the success of a mall, and equally important is the procurement of enterprising tenants who see beyond bricks and mortar to recognise that a venue will be a shining beacon of success,” says ARA senior manager (Asset Management) June Lim.
“The refurbishment that Klang Parade has undertaken is in line with the contemporary development trends in Klang, as it will enable the popular mall to become more vibrant and meet the ever-changing community needs, whilst remaining true to its core proposition of being a mall for the people of Klang.
“Each tenant believe that Klang’s unique landscape — where different ethnic groups live cohesively with each other — has the potential for growth, and has therefore, enlisted Klang Parade to form part of their strategic development for the township,” she added.
Klang Parade has a net lettable area of 660,102 sq ft after refurbishment, with a total built up area of 1,704, 610 sq ft.
The refurbishment has enhanced the number of small units available for retailers, increasing the overall number of units available.