Regal Path secures RM1.1bil for Pavilion Bukit Jalil mall


  • Business
  • Tuesday, 29 Oct 2019

Done deal: Regal Path inked the facilities agreement with four banks to acquire Pavilion Bukit Jalil mall. (From left) UOB Bank (Malaysia) Berhad managing director Ng Wei Wei, Maybank managing director Michael Oh-Lau, Regal Path Sdn Bhd director Hong Lay Chuan, OCBC Bank (Malaysia) Berhad CEO Dato’ Ong Eng Bin, OCBC Bank (Malaysia) Berhad managing director Tan Ai Chin and CIMB Bank Berhad group head corporate banking Lo Nyen Khing signing the agreement at Pavilion Hotel Kuala Lumpur.

Regal Path Sdn Bhd (Regal Path) successfully secured syndicated banking facilities of up to RM1.1bil for the acquisition of Pavilion Bukit Jalil mall from Pioneer Haven Sdn Bhd - a wholly owned subsidiary of Malton Berhad (Malton).

The iconic Pavilion Bukit Jalil Mall - being one of the country’s largest regional shopping hubs, is part of the 20ha Bukit Jalil City integrated lifestyle development in the southern corridor of Klang Valley to be developed by Malton.

On Oct 10, Regal Path inked the facilities agreement with four banks, namely CIMB Bank Berhad, Malayan Banking Berhad, OCBC Bank (Malaysia) Berhad and United Overseas Bank (Malaysia) Berhad at Pavilion Hotel Kuala Lumpur.

The syndicated banking facilities will be utilised to finance the acquisition of the Pavilion Bukit Jalil mall. Regal Path is a joint venture company of Malton’s wholly-owned subsidiary Khuan Choo Realty Sdn Bhd, Qatar Investment Authority’s (QIA) wholly owned subsidiary Q PBJ Sdn Bhd, and Tan Sri Desmond Lim via his private vehicle Jelang Tegas Sdn Bhd.

The Joint Mandated Lead Arrangers commented that, “We are proud to be the key financial partners for this landmark project. We are confident that with the strategic partnership between Tan Sri Desmond Lim of Pavilion Group and QIA, and leveraging on the strong expertise of Pavilion as the retail manager, Pavilion Bukit Jalil mall will be another key shopping destination for both the local community and foreign tourists alike, similar to the highly successful and award-winning Pavilion KL.”

“Albeit the prevailing tough market conditions, the successful closure of this billion ringgit syndication signifies the confidence by the syndicate banks in the combination of the best expertise and the able leadership of the sponsors in delivering yet another iconic destination mall. We are confident that the sponsors would be able to rejuvenate Bukil Jalil into an integrated cosmopolitan lifestyle development and a destination to be reckoned with in the near future, ” added the Joint Mandated Lead Arrangers.

Slated for completion by March 2021, Pavilion Bukit Jalil mall will attract locals and tourists alike. Slated for completion by March 2021, Pavilion Bukit Jalil mall will attract locals and tourists alike.

The three strategic investors entered into a Subscription Agreement with Regal Path on May 28 to participate in the ownership of Pavilion Bukit Jalil mall. The signing ceremony of the syndicated banking facilities marks a momentous milestone as it underscores the lenders’ strong support and confidence in the solid partnerships and business prospects of the stakeholders involved in the Pavilion Bukit Jalil mall landmark transaction.

The partnership with QIA in Pavilion Bukit Jalil mall is the latest example of QIA investing in high-end, world-leading retail outlets and real estate across the globe. With QIA’s participation, it is indeed a testimony of confidence, not just in the projects managed under the ‘Pavilion’ brand, but Malaysia as a stable and high potential investment destination. The solid and long-term partnership signifies their combined efforts to drive the nation’s economy forward.

QIA’s participation in the ownership of Pavilion Bukit Jalil mall is in tandem with the government’s efforts to attract genuine foreign investments and spur the Foreign Direct Investment growth, making Malaysia the preferred destination for investment.

The 20ha prime freehold land in Bukit Jalil City will be one of the country’s largest regional shopping hubs.The 20ha prime freehold land in Bukit Jalil City will be one of the country’s largest regional shopping hubs.

Slated for completion by March 2021, Pavilion Bukit Jalil mall is set to be the crown jewel of Bukit Jalil City. Tapping into the retail expertise of retail management team from Pavilion KL - an award-winning and Malaysia’s most successful mall, the Pavilion Bukit Jalil mall will feature a good mix of retailers, attracting a steady pool of local and international visitors.

With an estimated net lettable area of 1.8 million sq ft, the iconic Pavilion Bukit Jalil mall will be one of the country’s largest regional shopping hubs that will rejuvenate Bukit Jalil into a vibrant destination for business, best-in-class shopping experience, dining, leisure and entertainment hub catering to both locals and tourists alike.

Fronting the lush Bukit Jalil recreational park, the 20ha prime freehold land in Bukit Jalil City comprises Pavilion Bukit Jalil mall, Signature Shop Offices, The Park Sky Residence, The Park 2 and a hotel. Phase 1 and 2 Signature Shop Offices were successfully completed and delivered to purchasers in 2017 and 2018. The four-tower blocks of The Park Sky Residence - the first residential component, will be completed and delivered to purchasers by end of this year.

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Digital Advertorial , Malton Berhad

   

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