i-City to redefine the mall experience amid a saturated marketplace
With the Shah Alam retail market already saturated with a myriad of malls such as SACC Mall, Anggerik Mall, IDCC Mall, IRDKL Mall, Space U8, Setia City Mall, Star Avenue Lifestyle Mall, Aeon Mall Shah Alam, and Gamuda Walk, among others. The current property scenario for shopping malls in Malaysia particularly in Klang Valley is looking not too favourable for real estate developers these days. The constant proliferation of malls and an increasing glut in retail spaces have also contributed to the current stagnating retail market. However, i-City will soon be welcoming its upcoming Central i-City shopping centre in October 2018. i-Berhad the master developer of i-City, and Bangkok-based property developer investor Central Pattana Plc. (CPN) are jointly developing a RM850 million shopping centre within i-City. The mall itself will sit atop a 1.5 million sq. ft. freehold land, having a net lettable area (NLA) of 940,000 sq. ft., with approximately 450 retail chains.
A groundbreaking retail development
Situated in Section 7, Shah Alam amidst the bustling capital city of Selangor, some 22 kilometres from metropolitan Kuala Lumpur, the project is a groundbreaking collaboration between Malaysia and Thailand in retail development within this region. This mammoth and monumental project also marks a major and leading Thai retail property developer’s foray into the ASEAN retail market. Central i-City Shopping Centre will not only uplift the development of i-City, but also boost Selangor’s development as a whole. Just like the iconic CentralPlaza in Thailand, the six-storey signature mall aims to offer niche products and services to shoppers with a premier shopping experience. Central i-City Mall will accommodate some 450 retail shops ranging from fashion stores to F&B outlets. Visitors will be spoilt for choice with many local as well as international brands. And just as with its Thai counterpart, Central i-City Mall will adopt and integrate the unique concept of fun, leisure and entertainment of i-City into a world-class shopping environment.
Strategic venture between two nations
Central i-City is CPN’s first ever international regional shopping centre, a landmark development that signifies the company’s advancement into the ASEAN retail landscape. A joint-venture partnership between CPN and i-City Properties Sdn. Bhd. (ICP), an affiliate of i-Berhad, is due to open in 2018. The mall has an approx. gross development value (GDV) of RM850 million, with Thailand’s leading retail property developer Central Pattana Plc. (CPN) holding a 60% stake in the project whilst i-Berhad maintaining a 40% share. The RM9 billion futuristic ultrapolis, which comprises residential, commercial and recreational components, is also set to be a TOD (transit-oriented development) hub in providing easy accessibility, irresistible affordability and an active lifestyle to communities residing in i-City.
A timely boost for the economy
Central i-City Mall is expected to feature an assortment of brands from Malaysia, Thailand and other Asean countries. Central i-City is reputably CPN’s first retail development outside Thailand. The combination of CPN’s expertise in retail and property development coupled with i-Berhad’s knowledge of local real estate market will result in the best lifestyle development once i-City is fully developed and completed by 2020. The mall is in line with i-Berhad’s business plan of expanding its leisure and investment business. i-City has long been earmarked as an international tourist destination with various tourism components including hotels, performing arts and convention centre, as well as a medical tourism hub. The overall effect on the property and construction sectors serves to elevate the local tourism industry, a significant boon for retail development within the region.
Mall designation: Central i-City Mall
Developer: Central Plaza i-City Real Estate Sdn. Bhd. (ICP @ i-City Properties Sdn. Bhd. / CPN @ Central Pattana Plc.)
Site location: i-City, Shah Alam
Net lettable area (NLA): 940,000 sq. ft.
Gross development value (GDV): RM850,000 million
Year of completion and opening: 2018