Sunway Putra Mall and Sunway Velocity Mall wiill have 10 mini-anchor tenants

  • Property
  • Wednesday, 07 May 2014

PETALING JAYA: Sunway Putra Mall and Sunway Velocity Shopping Mall will not have an anchor departmental store but eight to 10 mini-anchor tenants that will each take up space of between 20,000 and 25,000 sq ft.

Sunway Group managing director (property investment division) Datuk Ngeow Voon Yean told StarBiz that these mini-anchors would operate a supermarket, a cosmetics hall, a home improvement store, a food court and a cineplex.

The group, which owns both projects, is currently studying the tenant mix for the malls.

He said the company would like to be one of the largest mall operators in the country over the next few years with net lettable retail space of close to five million sq ft.

It has several other malls besides Sunway Putra Mall and Sunway Velocity Mall.

Sunway Putra Mall is located opposite Putra World Trade Centre in Kuala Lumpur while Sunway Velocity Shopping Mall is near Jalan Cochrane. Both malls are expected to be operational next year.

Sunway Velocity Mall will have more mini-anchor tenants as it has a net lettable area of one million sq ft, compared with Sunway Putra Mall’s 580,000 sq ft.

Ngeow said Sunway Putra Mall would be “quite sizeable” post-refurbishment while Sunway Velocity Shopping Mall would be a brand new development on 23 acres with offices and serviced apartments.

He said Sunway Putra Mall’s tenant mix would be restructured considerably to meet current expectations of what a mall should have, other than a new look and improved traffic circulation.

“We would like to attract the middle and high-income groups as Taman Duta and Kenny Hills are within Sunway Putra Mall’s 5km radius,” said Ngeow.

Located on the fringe of Kuala Lumpur, Ngeow said the Sunway Putra Mall would be part of the larger three-in-one mixed-use integrated development comprising the mall, Sunway Putra Hotel and office block Sunway Putra Tower.

The total refurbishment cost is RM459.2mil, with the mall costing RM307mil.

The hotel was refurbished at a cost of RM123mil and the office block RM29mil. Sunway Group bought former Putra Mall at a 2011 auction for RM522mil.

On the Sunway Velocity development, Ngeow said the mall would have a huge catchment area which would give it quite a bit of growth.

He said Velocity would also be a thematic retail play with an Asian Avenue offering South Korean, Japanese and other Asian goods and services.

“Most of the group’s retail projects have an office and a hotel component, which is a more sustainable model than a pure retail play. It helps with the cross marketing and managing of our own assets,” said Ngeow.

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