PETALING JAYA: Malton Bhd has announced the participation of Qatar Investment Authority (QIA) and Malton non-executive chairman Tan Sri Desmond Lim in the development and ownership of the iconic Pavilion Bukit Jalil mall.
The company said its wholly-owned subsidiary Khuan Choo Realty Sdn Bhd (KCR), QIA’s wholly owned subsidiary Q PBJ Sdn Bhd, and Lim via his private vehicle Jelang Tegas Sdn Bhd have inked a subscription agreement on May 28 with Regal Path Sdn Bhd to partake in the development.
Regal Path is the special-purpose vehicle which will retain the ownership of Pavilion Bukit Jalil mall under the deal.
In addition, Regal Path had signed a sale and purchase agreement with the developer of the mall, Pioneer Haven Sdn Bhd, a wholly-owned subsidiary of Malton, for a purchase consideration of RM1.48bil.
KCR and Jelang Tegas will also be the joint owner of Regal Path, holding 51% and 49% equity interest, respectively.
“Regal Path will issue RM830mil redeemable preference shares of which QIA, Jelang Tegas and KCR will invest RM407mil, RM207mil and RM216mil, respectively,” Malton said.
It said the Pavilion Bukit Jalil mall would be one of the largest regional shopping hubs with net lettable area of 1.8 million sq ft.
“It will rejuvenate Bukit Jalil into a vibrant destination for business, best-in-class shopping experience, dining, leisure and entertainment hub for both locals and tourists alike,” it added.
The mall will house five levels of retail space, two levels of basement parking with 4,717 car parking bays and a centralised green area measuring about 3.69 acres.
The mall is part of the 50-acre Bukit Jalil City integrated lifestyle development comprising Signature Shop Offices, The Park Sky Residence and The Park 2.
Malton said the mall is slated for completion by March 2021. Pavilion Bukit Jalil mall being the crown jewel of Bukit Jalil City is poised to be an entertainment and retail hub in the southern corridor of Klang Valley.
“We are very happy to have QIA onboard and their participation in the Pavilion Bukit Jalil mall project is indeed a testimony of QIA’s confidence not just in the projects managed under the ‘Pavilion’ brand, but Malaysia as a stable and high-potential investment destination,” Lim said.
Malton said the deal is subject to approvals of the regulatory authorities in Malaysia and the shareholders of Malton.
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