Property developer KSL Holdings Bhd is planning to begin the construction of its second mall, with a total gross development value (GDV) of RM2 billion by end of this year.
“Our existing KSL City Mall and Hotel Resort in Iskandar Malaysia has been a great success with more than 90% occupancy rate in the mall,” its chairman Ku Hwa Seng said in a statement yesterday.
“We aim to replicate this feat in the Klang Valley, which would certainly go a long way in enhancing the group’s property investment segment in the future,” he added, noting the development would cater to the rapidly-expanding population in Klang, which stood at 1.2 million last year.
Meanwhile, Ku said with the new development, its property investment segment contribution to the group’s revenue will grow to 30% in the future, from current 20%.
“This would boost our recurring income stream and broaden our revenue sources,” he added.
Namely KSL City Mall 2, it is expected to be one of the largest shopping malls in Klang, with total gross floor area of about 2 million sq ft, would be integrated with a 400-room hotel and three blocks of service apartments adjoining it.
The integrated mall and hotel is expected to be completed by 2018.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
