Boustead sees full tenancy at new mall by year-end


  • Business
  • Friday, 10 Jan 2003

BY MOKHTAR HANAFIAH

BOUSTEAD HOLDINGS BHD expects shops at its flagship retail project, The Curve, in Mutiara Damansara to be fully taken up by the end of this year, in good time for its grand opening in mid 2004, according to chairman Gen (R) Tan Sri Mohd Ghazali Che Mat. 

Ghazali said at the launching of The Curve's scaled model in Kuala Lumpur yesterday that the project would be the country's first open air street mall. 

“Leasing of the shops has commenced and our exclusive marketing agent Regroup Associates Sdn Bhd is confident that the mall will be fully let before the end of this year,” he said. 

At the launching, Boustead signed agreements with representative tenants of The Curve. The company also signed an agreement with Linear Corp Bhd. 

SCB Developments Bhd, a member of the Boustead group, said in a statement that the company had proposed to form a 60:40 joint venture with Linear to set up Mutiara Rini Linear DCP Sdn Bhd, which would construct, own and operate a district cooling plant to provide air-conditioning services to The Curve. 

The joint venture company will have an initial paid-up capital of RM10, comprising 10 ordinary shares of RM1 each, which will be raised to RM12mil, or such other sum as mutually agreed by both parties, prior to the commencement of The Curve. 

SCB said the joint venture company would appoint a wholly-owned subsidiary of Linear to design and build the cooling plant on a turnkey basis for a sum not exceeding RM32mil. 

Ghazali said The Curve would comprise an outdoor and indoor precinct with an air-cooled alfresco mall and an air-conditioned fashion mall, noting that Ikea, Tesco and Cineleisure Damansara would an- chor The Curve, which would be e-enabled with access to broadband facilities. 

He said The Curve would sit on a 13-acre site and provide a net lettable area of 700,000 sq ft. 

According to Ghazali, the mall is targeted to cater to about 400,000 people living within a 10-minute drive radius and with an average household income exceeding RM6,300 per month. 

The Curve, estimated to cost RM200mil, will have a total built-up area of about 800,000 sq ft with about 2,400 car-parking bays ser- viced by a buggy system to transport shoppers.  

The project will also incorporate 20 corporate offices, which will host a daytime population of about 50,000.  

Ghazali said the entire open-air area at The Curve would be provided with cooled ventilation. 

He said The Curve was about four times the size of LOT 10 in Kuala Lumpur but with a plot ratio of only 2.9.  

“We did not maximise on density as we aim to give the public a quality development emphasising on lifestyle, landscaping and a different shopping and dining experience,” he said. 

On Boustead's Mutiara Da- mansara project, Ghazali said SCB subsidiary Mutiara Rini Sdn Bhd, which is undertaking the development of the township, had handed over 461 terrace houses to date and would be handing over 288 low and low-medium cost apartments this year. 

“Our bungalows and semi-detached houses launched early last year were completely sold out. The same response was also received for our bungalow land sales. The land price for the bungalow lots has now reached RM165 per sq ft and we are confident that it will go even higher,” he added. 

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