KUALA TERENGGANU; Terengganu will have an ultra-modern RM900 million megamall in three years, complete with a five-star hotel, serviced apartments and retail outlets.
The Mayang Mall, on a 10.8 ha site in Kampung Ladang Tanjung along Jalan Sultan Zainal Abidin, will be built adjacent to another iconic project under development - the Kuala Terengganu City Centre.
The project will offer 3,000 job opportunites for locals, assured Menteri Besar Datuk Seri Ahmad Razif Abdul Rahman.
Pelaburan Hartanah Berhad (PHB), a subsidiary of Yayasan Amanah Hartanah Bumiputera, will develop the mall with Sogo (KL) Department Store Sdn Bhd given a 15-year lease from 2020 as its principal tenant.
Thus, Sogo (KL) will manage rental of outlets, operations, products and services at the mall.
“This is to ensure the mall’s dynamism, image and role as a prestigious shopping centre is retained, in line with the economic development, living standards and lifestyle of the locals,“ said Razif at the ground-breaking ceremony by Sultan of Terengganu, Sultan Mizan Zainal Abidin.
Mayang Mall is jointly designed by GDP Architects Sdn Bhd and Lead 8 Pte Ltd (Singapore).
In August 2015, PHB entered into an agreement with with Terengganu state government and Terengganu Heritage Trust Fund Boad to acquire the vacant land for an integrated commercial development.
“Mayang Mall is strategically located in the heart of the city’s administrative and commercial centre, making it a vibrant and high-potential investment.
“Its construction is testimony to the seriousness of the state government to develop its economic status by attracting investments, to enrich Terengganu with tourism.
“We now not only have world-renowned idyllic islands but an international class shopping mall to go with it,” said Razif.
He added that the East Coast Highway 2, and the soon-to-be-built East Coast Railway, will surely connect Kuala Terengganu with other commerical hubs.
PHB group managing director and chief executive officer Datuk Kamalul Arifin Othman said its establishment in 2006, PHB had offered a host of opportunities for bumiputera investors to have a stake in prime and strategic commercial real estate with shares in Amanah Hartanah Bumiputera (AHB).
“After much success in the Klang Valley and south of the peninsula, we are strategically moving to fortify our commerical hub presence elsewhere like to Terengganu.
“Mayang Mall is very meaningful addition to our portfolio to generate a steady and consistent revenue, while maintaining AHB’s investment share,” said Kamalul.
He explained the project’s development would be over two phases, with the first involving a 15-storey, 200 units of serviced apartment atop the six-storey shopping mall, encompassing a total of 715,000 sq feet.
The second phase will entail a 16-storey hotel.
Mayang Mall is PHB’s fifth shopping property after those in Kuala Lumpur, Selangor and Malacca.
Sogo (KL) Department Store’s group chief executive officer Toh Peng Koon said they were chosen to manage Mayang Mall based on their reputation.
He expects a million visitors a month at Mayang Mall which will have 300 outlets for clothing, a cineplex, supermarket, health and recreational centre, book store, restaurants, bazaar and food court.