By Farah Wahida:
Inspired by the success of Paradigm Mall, WCT Land Sdn Bhd (WCT Land) now plans to inject similar concept at two new sites, an abandoned shopping mall acquired last year in Johor Bahru and the Overseas Union Garden site in Kuala Lumpur.
According to Ben Chong, the company’s General Manager, the move was part of the group’s strategies to stimulate contributions from its shopping malls, which are under its property investment and management division.
To date, Paradigm Mall has contributed a pre-tax profit of between RM10 million and RM15 million to the group. Notably, the group’s construction and engineering arm accounted for the bulk of the group’s operating profits in 2012 at 44 percent, the property development contributed 45 percent, while the property investment and management divisions 11 percent.
“We are aiming to grow our property investment and management division (contribution) to 25 percent by 2015,” Chong said in an interview with Bernama.
Chong noted that Paradigm Mall recorded around 30,000 visitors during the weekdays, 60,000 visitors on weekends and 80,000 visitors during festive seasons. He also revealed that the company spent RM33 million for the mall’s dedicated interchange tunnels along the Damansara-Puchong Expressway, which offered direct access into the mall and various entry points, relieving traffic flow within the area.
Chong believed that the completion of the office towers at the iconic mall by 2014 as well as the Premiere business hotel and serviced apartments in 2016 would boost the mall’s growing visitors.
Meanwhile, other shopping malls in the pipeline include the KLIA2 Integrated Complex, set to be launched on 28 June.
“Currently, it is 90 percent complete and comprises a landside mall with a net lettable area of 350,000 square feet,” said Chong.
“Close to 40 percent is (allocated) for food and beverages and other categories such as fashion, information and technology and gadgets are about 60 percent.”
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email firstname.lastname@example.org