FRIDAY, March 29, 2024
nationthailand

CPN to develop mall in Malaysia

CPN to develop mall in Malaysia

Central Pattana has signed a paper, committing itself to a joint venture agreement with i-City Properties Sdn Bhd (ICP), an I-Berhad wholly-owned subsidiary, to establish a joint venture.

 

 
The 60:40 joint venture will develop a regional shopping mall at i-City, the Malaysia Cybercenter (MSC) at Section 7, Shah Alam, Selangor Darul Ehsan, with the investment of 580 million Malaysian ringgit or approximately Bt5.8 billion. 
CPN said in the filing to the Stock Exchange of Thailand it will lead in the design, development and management of the shopping mall on a free hold land plot of 11.12 acres with gross floor area (GFA) of around 138,000 square meters and net leasable area (NLA) of around 89,700 square metres. The construction of the shopping mall is expected to commence in 2014, for the opening by the end of 2016.
CPN will use mainly  its internal source of cash flows and/or proceeds from future bank loans or issuance of debentures and/or proceeds from future offering of investment units
of property funds. 
ICP is the property arm of I-Berhad, an established company listed on the Main Market of Bursa Malaysia.  ICP is the developer of i-City, an integrated township development consisting of a shopping mall, cybercentre office suites, corporate towers and hotels along with residential and retail components on a 72-acre freehold site situated along the Federal Highway.
 
nationthailand