GEORGE TOWN: Aman Central, the biggest and iconic lifestyle mall in Alor Setar, Kedah is scheduled for completion by the end of the second quarter of 2015.
Owned and developed by Great Realty Sdn Bhd of the Belleview group, the mall is 25% completed where construction has reached structure works on the basement and ground floor level.
Group managing director Datuk Sonny Ho said the premier shopping mall would breath a new lease of life into the Alor Setar township.
“The project development cost of approximately RM458.5mil will be financed via a mix of both debt and equity funding where the debt funding includes a RM135mil bank loan,” said Ho in an interview with StarBiz.
There is also a proposed medium term notes programme of up to RM170mil in nominal value and it is backed by an unconditional and irrevocable guarantee from Danajamin Nasional Bhd.
Danajamin via a Financial Guarantee Insurance facility granted to GRSB pursuant to which Danajamin shall provide an unconditional and irrevocable financial guarantee insurance policy to the holders of the MTN in respect of the aggregate nominal value of all outstanding MTN and one coupon payment obligation of the issuer in respect of such outstanding MTN.
“We have received approval from the Securities Commission for the fund-raising exercise,” he said.
Strategically located in the heart of Alor Setar’s city centre, just opposite the landmark Alor Setar Tower, Aman Central is poised to be a regional one-stop shopping destination and an ideal getaway for the entire family.
“This will really change and lift to the lifestyle of those not only in Kedah but the northern region of Malaysia.”
Ho added that people from southern Thailand are also expected to shop in the mall.
As to date, approximately 50% of the mall’s net lettable area has been leased out.
Among the anchor tenants and junior anchor tenants are the Parkson Retail Group, Golden Screen Cinemas (that will be operating 10-digital screens) and Brewball Sports Amusement Cafe.
“We also have several fashion, food and beverages as well as electrical and information technology retailers who have confirmed their tenancies including Giordano, The Body Shop, Hush Puppies, Secret Recipe and many more.
“We expect to leased out all the retail spaces by the end of this year.”
Comprising eight-storey of shopping levels with a two-level basement car park, the total built-up area of thr mall is approximately two million sq ft and the net lettable area is approximately 800,000 sq ft.
It will boast a total of 330 retail lots with 1,700 parking bays.