The troubled four-storey Perda City Mall at Bukit Mertajam in Seberang Perai, Penang has been offered for sale, with market watchers expecting prices of RM300 million to RM500 million, reported The Edge.
Formerly known as AEON Seberang Prai City Shopping Centre, the property has a net lettable area of 1.15 million sq ft and gross floor area of 2.36 million sq ft. It has a basement parking and is located on 19.66 acres of freehold land.
Last July, it entered into receivership, with auditing firm KPMG’s Chan Siew Mei and Mohamed Raslan Abdul Rahman appointed as receivers and managers for the property’s owner, Northern Mall Sdn Bhd, which was previously known as D’Aseania Mall Sdn Bhd.
It is believed that Maybank Islamic appointed the receivers given the owner’s unpaid debt to the bank.
Then KPMG Deal Advisory Sdn Bhd put up the 10-year-old shopping centre for sale in February 2018, seeking bids for the property on an “as is where is” basis.
Prior to that, AEON Co Ltd had inked a lease and infrastructure agreement with D’Aseania Mall in February 2006. Although it had started operating in the mall in August 2008, it closed its department store there in May 2014 and relocated to a nearby location due to material breaches in the deal.
D’Aseania then closed the mall temporarily so it can carry out an asset enhancement initiative (AEI). Thereafter, the property reopened for a few months.
But in August 2016, businesses there were shocked when they were given a day’s notice telling them that mall was closing down.
Tenants attributed the sudden closure to poor business and mismanagement. For instance, it was learned that the management failed to pay a hefty amount in electricity bills.
Image sourced from Time Out
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