Asian Pac (Part 2) - See Imago Mall With Your Own Eyes

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Asian Pac (Part 1) - Imago Mall Could Potentially Bring PE Multiple Down to 3 Times

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KK Times Square Imago Mall Inks Key International Brand Names
posted on Mar 19, 2014

Residents and tourists in Kota Kinabalu, Sabah will soon be spoilt for choice with well-known international and local labels added to IMAGO Mall, a lifestyle luxury mall in East Malaysia. Scheduled for completion in the fourth quarter of 2014, this world-class shopping destination offers international fashion labels such as Burtons, Kate Spade, Michael Kors, Swarovski, Topman/Topshop, Tumi and Victoria’s Secret with some making their very first appearances in the neighbourhood.

The mall has over 300 retail outlets across a net leasable area of approximately 800,000 square feet. Developed by Syarikat Kapasi Sdn Bhd, a wholly owned subsidiary of Asian Pac Holdings Bhd (“Asian Pac” or “Company”), IMAGO Mall is expected to change the Kota Kinabalu city skyline with its recently signed prestigious fashion and lifestyle companies, namely Aeon Fantasy, Bonia Group, DNP Clothing, MBO, Padini Group, Parkson, Swarovski and Valiram Group.

On a mission to create a more wholesome shopping experience, the Group Managing Director of Asian Pac, Dato’ Mustapha bin Buang revealed to the press that it is an honour to have both international and local fashion brands signing on and putting their trust in the company.

“We are indeed excited with the signing on of our new partners as it marks a major milestone in realising our vision for KK Times Square. When we first conceptualised IMAGO Mall, we focused on creating an urban hub to add vibrancy and enhance the value of the surrounding areas. Our goal was simple – maximise opportunities for shoppers to enjoy an exciting yet therapeutic retail experience, right here in Kota Kinabalu. This is now becoming a reality,” said Dato’ Mustapha.

With this mission in mind, visitors to the mall will now be able to find several other popular fashion, F&B and lifestyle brands including CYC Mega Leisure, DC Super Comics, Etude, Kitschen, SenQ, Starbucks, Sticky and more, all under one roof within their neighbourhood.

“IMAGO Mall is truly the crowning jewel of KK Times Square. Located at one of the most sought-after pieces of prime retail real estate, it will be the first non-strata fully leased shopping mall in Kota Kinabalu and also professionally managed. This in turn allows us to have complete control over the tenancy mix, facilities and amenities of the mall. It is essentially part of our strategy to diversify into more recurring income as it will provide us with better earnings growth. With expected rental yields of five per cent per year, IMAGO Mall is expected to contribute 25% of overall revenue by year 2016. We believe that we are close to achieving our targets as more than 65 per cent of IMAGO Mall has been leased out,” explained Mr. Raymond Yu, Group Chief Executive Officer of Asian Pac.

To further complement the existing areas surrounding the development, IMAGO Mall will also have its very own dining boulevard, ranging from restaurants and cafés to alfresco street walk areas, giving its customers unobstructed views of the South China Sea and the Sutera Harbour Golf Course. Going the extra mile to ensure connectivity and accessibility, Asian Pac has also built a bridge that links the mall directly to the city centre.

The development of IMAGO Mall fits into Sabah’s overall economic outlook as it continues to remain on track, especially in the last two years. In the retail sector, among the features that are most sought after include easily accessible locations, design, layout, mall management and even tenant retention. Cognisant on this, Asian Pac’s KK Times Square development has been designed to fulfil this criterion, thus giving Kota Kinabalu its very own lifestyle hotspot while delivering a brand new world-class experience to Sabahans and tourists.

With the proliferation of local and foreign companies opening in the state, Sabah’s real estate has also experienced heighten activity, growing 10 to 13 per cent every year with more Malaysians and foreigners moving there. As such, Asian Pac believes that their integrated development at KK Times Square will experience further growth, especially with the introduction of the latest phase of The Loft and IMAGO Mall.

http://propertyhunter.com.my/v1/news.php?id=301

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