KUALA LUMPUR: The new mixed-used development project, Pavilion Kuala Lumpur, currently under construction, is expected to see all of its commercial units fully leased out by end-2007. About 45% of its shopping mall's 450 available outlets are already leased out.

The development, on 12.6 acres of land in the Golden Triangle, is said to be the last piece of prime real estate in Kuala Lumpur, according to Kuala Lumpur Pavilion Sdn Bhd chief executive officer Brisco Fan. Kuwait Finance House is an investor in the project.

The commercial unit, a seven-storey shopping mall designed to cater to middle-class and upper-end shoppers, is scheduled to open its doors in the third quarter.

The mall itself might have 400 to 450 brands, leasing and marketing director Joyce Yap said, adding that 20% of these would be brands which were new to the Malaysian market. Negotiations with half of the new brands are currently under way.

''The criteria for selecting our retail tenants depend on marketing campaigns, expansion plans, price points and types of merchandise. Out of the total retail outlets, 10% will be taken up by luxury brands to cater to the high-end market,'' Yap told a press conference yesterday.

According to Fan, Parkson will be the anchor tenant, and the mall has also signed on 13 other ''specialist anchors'' like First Fitness and Golden Screen Cinemas.

So far, the mall looks promising for retailers. Research consultant Jebb Holland Dimansi has indicated that retail sales for the mall in 2008 are expected to be RM1.56bil.

Pavilion Kuala Lumpur is estimated to have a gross development value of RM3bil. It will also incorporate a 19-storey office tower, a proposed boutique hotel and two blocks of luxury residential towers. The residential properties, comprising two blocks of towers housing 368 units, will be launched next month and are scheduled to be completed in 2008.

Source : The Star 09/05/2006