IGB Corporation Berhad and Southkey City Sdn Bhd announced recently that its joint venture company, Southkey Megamall Sdn Bhd, will be raising financing of up to RM1 billion in nominal value via a Medium Term Notes Programme.
Under the MTN Programme, Southkey Megamall might issue MTNs denominated in Malaysian Ringgit from time to time, which will be utilised to part-finance the development and construction of Mid Valley Megamall, Southkey Project.
“The MTN Programme is the latest step in our efforts to realise Southkey Megamall as one of Johor’s largest integrated retail and commercial developments. Additionally, it allows us to diversify our funding sources further,” said IGB Corporation Berhad Group Managing Director Dato’ Seri Robert Tan.
A lodgement in relation to the MTN Programme was successfully made to the Securities Commission Malaysia by Southkey Megamall on 27 October 2016. The eight year MTN Programme is not rated.
“The MTN Programme marks yet another milestone in our joint venture with IGB. We are looking forward to opening the retail mall to the public at end 2018,” said Southkey City Sdn Bhd Managing Director Datuk Mohamed Zaini bin Amran.
The Mid Valley Megamall, Southkey development is part of the major re-development of Kem Majidee (now known as Southkey) located near the city centre of Johor Bahru, Johor.
It is well connected to major highways and roads with North-South connections from Kuala Lumpur and Singapore via the EDL (Eastern Dispersal Link Expressway) and is 8km away from the Customs, Immigration and Quarantine complex (CIQ) to Singapore.
The shopping mall consists of six levels of retail, two levels of basement car parking, and eight levels of elevated car parks.
This mall forms part of the larger RM6 billion integrated mixed-use development by Southkey Megamall which will comprise of three hotels, four office towers and one serviced apartment.
Once completed, Mid Valley Megamall, Southkey, with its estimated 140,000 sqm of net lettable area, 400 retailers including anchor tenants, and 6,000 car park bays, will be one of the largest malls in Johor.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com