Kenanga Wholesale City Sdn Bhd is allocating RM300 million to build a 1.8 million sqf fashion wholesale mall at Jalan Kenanga, near the old Pudu Jail.
Expected to be completed three years from now, this 22-storey development will also help ease congestion at the busy Kenanga area - where garment wholesalers have been plying their wares from multi-level shoplots since the 1990s.
Chief executive officer Yee Ia Howe revealed that 790 units between 300 and 600 sqf will be built, at a price of RM1,980 to RM3,300 psf. Given its prime location, it was unsurprising that such was the demand, that 70 per cent of the mall was already sold before yesterday's soft launch - with foreign garment makers being among some of the buyers.
As this is an obvious indication of the vast potential of the domestic garment wholesale industry, Yee went on to add that the management would work with the Malaysian Garments Wholesale Merchants Association to help wholesalers and garment manufacturers in paving inroads into regional markets like Indonesia, Brunei, southern Thailand, Taiwan and Singapore.
Supporting Yee's vision was Deputy Finance Minister Datuk Dr Ng Yen Yen, who noted that most fashion manufacturers "....by themselves...don't have the infrastructure to help them compete in the global market. We (therefore) need a centre where purchasers can come and pick up eveything from clothes to accessories and go."
Datuk Dr Ng also shared with all present that although the wholesale mall is a new concept in Malaysia, it is a proven success in Chinese cities like Shenzhen, Shenyang and Shanghai.