1 million sq ft Sunway Velocity Mall to open in KL
SHOPAHOLICS have another reason to visit Kuala Lumpur.
The Sunway Velocity Mall will be opening in Cheras on Oct 28 and expects to operate with full occupancy by the first half of 2017.
Sunway Shopping Malls & Theme Parks chief executive H.C. Chan said the new mall had already secured a strong list of anchor tenants.
He noted that existing malls in Cheras, such as Aeon Maluri and Cheras Leisure Mall, are still a hit after all these years.
Sunway Velocity Mall, which will have a net lettable area of one million sq ft, has reached an occupancy rate of 85 per cent, with tenants such as Parkson, TGV Cinemas, Harvey Norman, Popular and Toys "R" Us.
Mr Chan said the mall is on track to inch up its occupancy rate to 90 per cent by the time it launches in October.
According to reports, about 40 malls will be entering the market in greater Kuala Lumpur by 2020.
One of Mr Chan's closest competitors will be MyTOWN Shopping Centre.
With a net lettable area of 1.1 million sq ft, and just 800m away, it will open on Nov 15.
"Competition is healthy, but in the longer term, we will complement each other.
"Just look at the Bukit Bintang area and the number of malls there.
"It's thriving because it gives consumers choice," he added.
In time, he said the collection of retail space - comprising Sunway Velocity Mall, MyTOWN, Ikea, Aeon Maluri and the Tun Razak Exchange development - will turn Cheras into another vibrant shopping haven, just like Bukit Bintang.
"All the malls in Cheras, by the time they are completed, will have retail space of close to four million sq ft.
"In the coming years, it will be a new shopping precinct."
ASIA NEWS NETWORK