Fabric retailer Jakel Trading plans to construct a RM1.3 billion integrated project on a site it bought for RM180 million, reported the New Straits Times.
According to its Group Managing Director and CEO Datuk Mohamed Faroz Mohamed Jakel, the land is adjacent to Jakel Mall Kuala Lumpur and construction is targeted to start in 2019.
The mixed-use development will consist of a mall and two towers with a hotel, offices and serviced apartments.
“We will build a 300,000 sq ft mall that can house between 150 and 200 shops. The mall will have food courts and middle-class apparel brand stores.”
The company intends to attract more crowds with its upcoming shopping centre and it will house more retailers. This is because there are lots of middle-class brands that want to occupy space at its existing mall, but due to limited space, they were unable to accommodate all of them.
“The new mall will complement our existing shopping centres as it will give us more space to sell our products,” noted Faroz, adding that they are the only Bumiputera-owned company that has a shopping centre in the Malaysian capital.
The upcoming four-storey shopping centre is expected to be ready by 2022, and it will feature a pedestrian bridge linking it with Jakel Mall Kuala Lumpur.
“The new mall will have a total 1.5 million sq ft of gross floor area and a total net lettable area (NLA) of 1.2 million sq ft, comprising 300,000 sq ft of NLA for retail space, 550,000 sq ft of net saleable area for serviced apartments and 350,000 sq ft NLA for offices.”
Meanwhile, Faroz revealed that the mall and the serviced apartments are near two mass rapid transit stations. Hence, the residential units measuring between 550 sq ft and 1,200 sq ft are expected to be sought-after.
“We believe there is a huge demand mainly due to old offices and buildings with limited facilities in the area. Jakel will utilise about 100,000 sq ft for office space and the remaining 200,000 sq ft will be rented out,” he added.
Developments that are close to Jakel Mall include:
Image sourced from Jakel