Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on October 25, 2017

KUALA LUMPUR: S P Setia Bhd, which unveiled the “Bangsar Market by Jaya Grocer” concept yesterday, expects the take-up rate at its high-end retail mall in KL Eco City here to reach 90% by the first quarter of next year (1Q18), mainly driven by its prime location.

S P Setia divisional general manager Tony Ling Thou Lung said currently, the take-up rate is 60%.

The five-storey KLEC Mall offers 250,000 sq ft of retail space encompassing an extensive yet carefully curated selection of restaurants, specialty stores and services that will cater to the needs and tastes of a discerning catchment.

“Amid the current market sentiment, we will probably get about 80% to 90% take-up for KLEC Mall,” he told reporters yesterday after the unveiling of the Bangsar Market, which is scheduled for operation next year.

“Out of the 60% of retail space taken up, 20% will be occupied by Jaya Grocer,” he added.

The Bangsar Market will occupy the entire second floor of KLEC Mall, measuring 54,000 sq ft, and set to be the biggest integrated urban grocery market once it is open for business.

“We unveiled the Bangsar Market [yesterday] to tell everyone that we are embracing a unique kind of boutique market under Jaya Grocer. Currently, they (Jaya Grocer) are in the midst of setting up the place,” said Ling.

He added that the concept of urban grocery shopping represents an evolution of the traditional market into one that has the capacity to cater to modern needs.

“At Bangsar Market, we want to be able to serve all these customers,” he said.

The inspiration for this concept came from internationally renowned markets such as Camden Market and Borough Market in London and the Queen Victoria Market in Melbourne.

The 25-acre (10.12ha) KL Eco City, designed by world-renowned Jerde International, is located along Jalan Bangsar, opposite Mid Valley City. It has transformed the former Kampung Haji Abdullah Hukum site into an inner-city haven comprising residential towers, serviced apartments, offices and a retail podium.

KL Eco City is a partnership between S P Setia and the Kuala Lumpur City Hall. It will be one of the largest integrated mixed commercial and residential developments in Malaysia, with 7.5 million sq ft of gross floor area and a total gross development value (GDV) of RM7 billion.

As of June 30, S P Setia had 31 ongoing projects with remaining land bank of 5,452 acres valued at a GDV of RM80 billion.

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