KUALA LUMPUR: Property developer Malaysia Land Properties Sdn Bhd (Mayland), which is redeveloping Phoenix Plaza in Cheras, will benefit from connectivity with the planned MRT station in three years.
"There will be a pedestrian bridge right across the road connecting the MRT station to the second level of our shopping mall," said Mayland retail general manager Michael Chee.
Renamed Cheras Sentral, the Phoenix Plaza shopping complex is now undergoing a RM125 million transformation.
Chee said the mall, with 500,000 sq ft of net lettable area, anticipates 85 per cent occupancy by the end of this year. Rent at the malls is expected to be between RM4.50 and RM5.00 per sq ft.
A strong tenant mix and strong support from existing strata title owners will see to mutual benefit, Chee told reporters after a tenancy signing ceremony with TGV Cinemas, Jaya Grocer, Celebrity Fitness, CYC World Mega Leisure World, Moon Palace Chinese Restaurant, K-Mix Karaoke and information technology company Dynamic Trial Sdn Bhd here yesterday.
Phoenix Plaza, which opened in 1994, closed in 2005 due to accessibility problem and inexperienced management.
Mayland, a company controlled by Tan Sri David Chiu, bought 85 per cent of the stratafied block of real estate in 2009 from Danaharta.
Chee said apart form refurbishing it, Mayland plans on adding a hotel and car parks.
The proposed hotel, which will carry the group's hotel brand - Silka or Dorsett - which will have about 300-odd rooms and is scheduled for opening early next year.
Mayland currently owns and operates the Sri Hartamas Shopping Centre.
-- BUSINESS TIMES