This article first appeared in The Edge Financial Daily on September 20, 2017
KUALA LUMPUR: Property developer Eco World Development Group Bhd (EcoWorld) announced it has secured 18 tenants for its Ardence Labs in Setia Alam, Shah Alam, which is scheduled to begin operations in the first quarter of next year.
Sprawling across 27 acres (10.93ha), Ardence Labs is part of the commercial component of Eco Ardence, which fronts a lake, comprising its show gallery, food and beverage (F&B) and retail outlets, working and event spaces, and two football fields.
“It (Ardence Labs) is a pop-up lifestyle hub for the residents of Eco Ardence itself and the surrounding community of Setia Alam,” Eco Ardence divisional general manager Liew Tian Xiong told reporters after announcing Ardence Labs’ tenants yesterday.
Among the 18 that will be opening their doors in Ardence Labs are anchor tenant Jaya Grocer, pets hotel Cocomomo, football academy Ardence Arena, and education and enrichment centre Plant Cartridge.
The other 14 to round up the list are F&B outlets, namely Tealive, L1ao L1ao, Gindako, Croissant Taiyaki, Big Blind, Hinata Cafe, Let's Joy Cafe, Haraju Cube, Aroi Mak Mak, Laughing Monkey, U-Mai, Bamboo Biryani, Ottimo Dessert and Chaiwalla & Co.
Liew said the group has worked on the tenant mix for almost two years.
"We are very excited as we can finally unveil this (the tenants). We have this platform (Ardence Labs) where we can create the unique place, [to offer] unique experiences which can integrate the community," he said.
Construction works on Ardence Labs have begun and are expected to be completed by January next year. "By the first quarter of next year, the tenants can start their operations, somewhere in January or February," said Liew.
The group intends to have another seven tenants to fill up the remaining retail lots it has in Ardence Labs by early next year.
"We have about 25 retail lots under this container concept. It is flexible. So by doing so, we can break it down to be more [lots] or less, depending on the tenants — whether they want to take more [space] or not,” he said.
The sizes of the retail lots range from 290 sq ft to 2,000 sq ft, with rental rates ranging between RM4.50 and RM6.50 per sq ft, on a monthly basis.
Although the first phase of the residential development, Aeres — launched in September last year — will only be completed by end-2019, the group said it wants to make Ardence Labs physically ready first.
“By then (the completion of Aeres) the community in Eco Ardence will already be vibrant with Ardence Labs activities. [So] before you move to your home, you can know the kind of lifestyle you can get, as we bring Ardence Labs to you," he shared.
The Aeres comprises 432 units of pavilion homes, semi-detached homes and bungalows. Prices will start from RM1.3 million for pavilion homes, from RM1.6 million for semi-detached homes and from RM3 million for bungalows.
The group is now gearing up for the launch of Dremien, the second residential phase in Eco Ardence, by end-September. Dremien comprises 259 units of garden homes, semi-detached homes and bungalows.
The 533-acre freehold Eco Ardence development, which has a gross development value of RM8.5 billion, is a joint project between EcoWorld and Cascara Sdn Bhd, an integrated property developer focusing on residential and commercial developments that is controlled by Sarawak businessman Tan Sri Bustari Yusuf.
EcoWorld shares closed one sen lower at RM1.57, with a market capitalisation of RM4.62 billion. Year to date, the stock has climbed some 17%.