Kuala Terengganu, April 4 – The Sultan of Terengganu, yesterday officially launched the project site where the development of a modern retail mall, to be named Mayang Mall, will take place.
In August 2015, PHB entered into a Sale and Purchase Agreement with the State Government of Terengganu and Lembaga Tabung Amanah Warisan Negeri Terengganu (LTAWNT), a Terengganu State Government agency, to acquire a parcel of commercial land in the capital city of Terengganu.
With the agreement signed, the signatories acknowledged that the Terengganu State Government will alienate the land to PHB, approved for a mixed commercial development.
The approximately 10.8 acres site is strategically located at Jalan Sultan Zainal Abidin, in the heart of Kuala Terengganu, bordering another project known as Kuala Terengganu City Centre (KTCC), making it a viable property investment with high investment potential.
The ground breaking ceremony also witnessed the signing of two agreements between PHB and Sogo (KL) Department Store Sdn Bhd (Sogo), namely the Development Agreement and Leasing Agreement of Mayang Mall.
Sogo KL as the anchor tenant has been appointed to manage the entire mall operations to get the right retail mix according to the requirements of local residents and tourists alike in line with its status as the first full-fledged modern shopping mall in the East Coast of Malaysia.
The mall is jointly designed by renowned architectural firm, GDP Architects Sdn Bhd and retail planner Lead 8 Pte Ltd (Singapore). The project is scheduled to be completed in the year 2020.
The mixed-use development will be launched in two phases. Phase 1 will consist of a 15-storey serviced apartment block and a mall, named Mayang Mall with net lettable area of 715,000 sq. ft. The tentative plan for Phase 2 will be a 16-storey hotel which will depend on market demand. The gross development value of this project is estimated at RM900 million.
Once completed, Mayang Mall will be PHB’s fifth mall after four others located in Kuala Lumpur, Selangor and Malacca. Sogo KL is chosen to manage the mall based on its immaculate reputation.
At last count, Sogo KL receives one million shoppers a month who visited its mall in Jalan Tunku Abdul Rahman, Kuala Lumpur, while some 6,000 of its loyalty card members are from Terengganu.
There will be 300 retail space available at Mayang Mall for tenants comprising of fashion outlets, cinema, supermarket, wellness centre, food and beverage stalls, bookstore, a food court and other services.