SHAH ALAM: SP Setia Bhd and Australian real estate giant Lendlease are spending RM500 million to expand Setia City Mall’s by 62 per cent or an additional 450,000 sq ft.
Setia City Mall is set to be the largest shopping and leisure destination in Shah Alam after the expansion is completed in June 2020.
Setia City Mall is Malaysia’s first green retail mall when it received the Malaysian Green Building Index accreditation back in 2012. It was designed to save on usage of energy and water.
SP Setia executive vice president Datuk Tan Hon Lim said the expansion augurs well with the company's long-term vision for its investment property arm.
“Being located in the 4,000 acres of flagship township, the mall is poised for steady mall growth as more residents move into this township, which upon completion will be home to possibly 200,000 people," said Tan at a media conference after the launch of Setia City Mall’s Phase 2 today.
“We have a good tenant mix plus it’s a green building that can help us to growth and set us apart from other malls,” he added.
Lendlease Development (Malaysia) Sdn Bhd head of retail Mitch Wilson said the mall had achieved a 95 per cent tenancy rate, while the second phase had already secured 70 per cent tenancy rate.
“We are optimistic about the success of the mall’s expansion especially through the strategic partnership between Lendlease and SP Setia.
“To date, the overall mall, inclusive of the existing and expansion phase, has an occupancy rate of more than 80 per cent,” he said.
Wilson said since its opening in 2012, the mall had had a positive effect on the surrounding community, providing convenience and over 2,000 jobs.
“I believe this time, the additional 150 retail outlets for Phase 2, throughout the three levels of the new wing, will help to create huge job opportunities for the locals,” he added.
The expanded mall will feature Lulu’s Hypermarket and Departmental Store as its main anchor tenant for the new wing, occupying 150,000 sq ft.
In catering to families, there will be a 12,000 sq ft playland for kids. There will also be a vast array of unique culinary experiences.
The expansion phase will see 1,800 more parking bays to the current 2,500.