Thursday 28 Mar 2024
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KUALA LUMPUR: Today’s Mall, a shopping centre in Jalan Kota Tinggi in Ulu Tiram, Johor has been put up for sale by its owner with an asking price of about RM180 million.

The owner of the mall, Today’s Market (Ulu Tiram) Sdn Bhd, had recently called for bids for the five-year-old property via valuation and real estate firm LaurelCap Sdn Bhd.

Today’s Mall is a three-storey building with a total gross floor area built-up of 490,850 sq ft and a net lettable area (NLA) of 360,610 sq ft. The mall is managed by Today’s Management Sdn Bhd, a subsidiary of Today’s Market (Ulu Tiram).

LaurelCap’s managing director Tan San Yew said that the owners are keen to dispose the asset to unlock the asset value. “The initial investment, including land cost, was RM120 million,” Tan told The Edge Financial Daily via email.

The asset is a freehold property which sits on 9.94 acres (4.02ha) of land. Apart from the retail component, the mall also offers parking which is spread over three floors measuring 210,263 sq ft, with 800 car park bays.

The purchaser could opt to do an asset enhancement or redevelop the property if they preferred.

Tan points out that the car park block can be converted into retail space if required, or redeveloped in the future. Moreover, the vacant commercial land adjacent to Today’s Mall is also for sale. The 4.45 -acre land belonging to Today’s Market is priced at RM30 million. The land, however, is not part of the asset for which it is inviting bids.

A search with the Companies Commission of Malaysia reveals that Today’s Market (Ulu Tiram) is 98% owned by Today’s Holding Group Sdn Bhd and 2% by Tan Chin Hong. Chin Hong and Lao Geok Chin each owns 50% stakes in Today’s Holding Group.

Today’s Mall also has a 35,000-sq ft indoor water theme park. Malaysia is transforming into a theme park capital, with a large number of upcoming theme parks to be located in Johor.

The current anchor tenant of Today’s Mall is Giant Hypermarket. The mall also houses a multi-screen cinema complex, multi-alley Tiram Bowl Bowling centre, Super Star KTV karaoke and Mr DIY.

LaurelCap’s Tan added that the catchment areas of Today’s Mall, apart from Ulu Tiram itself, are townships in Johor South such as Bandar Tiram (a Johor Land Bhd development), Bandar Cermerlang (a Crecendo Corp Bhd development), Kota Tinggi, Taman Desa Jaya and Taman Tebrau.

Today’s Mall currently enjoys a daily average visitorship of 7,000, while the population catchment within a 10km radius is 350,000. The shopping centre is located 23 km from Johor Baru City Centre and 1km from Ulu Tiram town.

The owner of Today’s Mall has in the past developed Today’s Market at Seri Alam, Masai. It also operates Tiram Mart which is a cash and carry concept store.

The closing date for the bid for Today’s Mall is March 18.

 

This article first appeared in The Edge Financial Daily, on February 23, 2015.

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