CapitaMalls Asia and Sime Darby Property will jointly develop a shopping mall in Klang Valley, Malaysia.
The companies said they have entered into a conditional agreement to form a 50-50 joint venture to develop the mall on a freehold site in Taman Melawati.
The total development cost is expected to be about RM500 million (S$204.5 million). Upon completion. the mall will have a total net lettable area of about 635,000 square feet, subject to the relevant regulatory approvals in Malaysia.
The shopping mall is expected to be completed in 2016, and will serve a catchment population of around 800,000 people within a 10-minute drive.
This development will be CapitaMalls Asia’s sixth mall in Malaysia.
CapitaMalls Asia currently owns Queensbay Mall in Penang and, through its stake in CapitaMalls Malaysia Trust, owns Gurney Plaza in Penang, a majority interest in Sungei Wang Plaza in Kuala Lumpur, The Mines in Selangor and East Coast Mall in Kuantan.