KUALA LUMPUR (Aug 4): The RM650 million Pavilion Elite (also known as Pavilion KL Extension) is today unveiled by Urusharta Cemerlang (KL) Sdn Bhd, the developer of Pavilion Kuala Lumpur.
Pavilion Elite, a joint venture project between Pavilion Group and Qatar Holdings LLC, sits on a 1.29-acre land between Grand Millennium Hotel KL and Pavilion KL.
It has a net lettable area of 250,000 sq ft spread across a 10-level retail podium and is targeted to open in November this year.
According to Pavilion REIT asset manager (retail) Joyce Yap Soh Ching, Pavilion Elite managed to secure more than 85% occupancy rate amid the challenging operating environment.
"This proves that the demand towards retail space in prime area in Bukit Bintang is still promising," she added.
When fully tenanted, Yap said it will feature over 70 brands across its retail podium, with a retail mix of fashion (40%), food and beverages (30%) and urban leisure (30%).
"The opening of Pavilion Elite is set to add vibrancy, choice and variety to the industry and will complement and enhance the total retail and lifestyle experience of Bukit Bintang," she said.
"This would further transform it (Bukit Bintang) as one of the world's top tourism destination," Yap said this on behalf of Urusharta at the unveiling ceremony today.
To differentiate it from the current Pavilion Mall, she pointed out that the new mall will house South East Asia's biggest stores, new concept stores and large-format flagship stores.
"The project will indeed be a testament to retail experience in Bukit Bintang," she added.
Among the tenants will be ABC Cooking Studio, The Planet Traveller (both the first and largest flagship store in Malaysia), Coach (SEA flagship store) and others.
The mall will be managed by Kuala Lumpur Pavilion Sdn Bhd.
On whether the parent company plans to inject Pavilion Elite into Pavilion REIT, Urusharta finance director Lee Whay Hoong said it depends on shareholders' decision.