KUALA LUMPUR, Oct 21 — Construction of the RM6 billion integrated Mid-Valley Southkey Megamall in Iskandar, Johor, which began today, is expected to be completed in late 2016.
Southkey Megamall Sdn Bhd, a 70:30 joint venture between IGB Corp Bhd and Selia Pantai Sdn Bhd, launched the commencement of construction works in a ceremony.
The project, which is Johor’s single biggest integrated retail and commercial development, sprawls over 14.57 hectares of land within the Southkey new township.
The focal point of the development, to be developed over 12 years, will be a megamall offering a net lettable area of 2.5 million sq. ft. to be undertaken in two phases.
“It took us 15 years to get Mid-Valley City in Kuala Lumpur to what it is today,” said IGB Group managing director Datuk Seri Robert Tan in a statement today. “Hopefully, it will take us only half that time to materialise this in Johor.”
He was confident the megamall’s central and prime location would draw Singaporeans to shop and holiday in Malaysia. The project would be IGB Group’s first foray into Johor.
“We are always on the lookout for opportunities,” he said. “Ideally, we want to have Mid-Valley City-type developments in the south, central and north (Penang).”
The integrated development will comprise eight 30-storey tower blocks featuring three hotels — Cititel Johor Bahru with 675 rooms, Boulevard Hotel (450 rooms) and The Gardens Hotel (450 rooms).
There will also be four office blocks and one serviced apartment with 180 units.
IGB is the owner and operator of Mid Valley City in Kuala Lumpur while Selia Pantai is a public-private partnership between Selia Group and Johor State investment company, Kumpulan Prasarana Rakyat Johor.
Selia Pantai, which owns 133 hectares of prime land within flagship Zone A (Johor Bahru City Centre) of Iskandar Malaysia, is also the developer of the Southkey township. — Bernama
