SETIA ALAM (Oct 17): Setia City Mall — a joint venture between S P Setia Bhd and Lendlease Development (Malaysia) Sdn Bhd — is set to be the largest mall in Shah Alam when the Phase 2 expansion is completed by the second half of next year.
Over RM500 million will be invested in the mall's expansion, which will see its size increase 61.64% or an additional 450,000 sq ft to 1.2 million sq ft, from 730,000 sq ft currently.
Lendlease Development (Malaysia) Sdn Bhd head of retail (Malaysia) Mitch Wilson said the mall has achieved a 95% tenancy rate while the second phase has already secured a 70% tenancy rate. He is expecting the tenancy rate to grow.
Wilson is expecting the mall's traffic footfall to increase by 30% following the completion of the expansion plan, but he was tight-lipped on the numbers.
"The expansion of Setia City Mall at this juncture augurs well with S P Setia's long-term vision for its investment property arm. Being located in the 4,000-acre flagship township of the Setia Group, the mall is poised for steady growth as more residents move into the township, which upon completion will be home to possibly 200,000 people," said Datuk Tan Hon Lim, executive vice president of S P Setia, at the unveiling of the Phase 2 expansion plan for Setia City Mall.
The expansion plan will see the new wing have another 150 retail outlets on three levels, adding to the existing 235 retailers which currently include key tenants such as Parkson, Urban Fresh and Golden Screen Cinemas.
The expansion phase will also add another 1,800 parking bays to the current 2,500 bays.
At noon break, S P Setia shares were unchanged at RM1.32 for a market capitalisation of RM5.46 billion. The counter saw some 1.61 million shares traded.