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Puncakdana to invest RM1.4b in Ara D'sara
Published: 2010/10/22
Puncakdana Group will invest RM1.4 billion over the next five years in an open concept retail precinct with 9 office towers connected development at Ara Damansara, Petaling Jaya, to spur growth.
Founder and managing director Mah Siew Sian said the retail precinct named CITTA, with a RM280 million gross development value (GDV), will be completed by year-end and is scheduled to open for business in the first quarter of 2011.
"CITTA, an open air design mall with the retail outlets clustered together in an accessible, alfresco-like style already has a 50 per cent take-up rate when it opens for business," Mah said at a media briefing on the group's plans today.
"The balance is expected to be occupied in six to nine months," he said.
Mah said the group expects to see a return on investment beginning 2016 for the CITTA development.
The upcoming development of the B2 (five office towers) with a RM800 million GDV and D18 (four office towers) with a RM304 million GDV are expected to be completed within five years, he said.
"Currently, we are in the midst of obtaining approval. The office towers will complement the ready market for growth," Mah said.
"The LRT station nearby enhances accessibility, many companies are opting to move out from city centres, and the upper middle income community together with other nearby developments will certainly bring new vigour," he said.
According to him, the development will bring zest to Ara Damansara, one of the last parcels of land in Petaling Jaya.
Mah said with Sime Darby also planning to build a mall in Ara Damansara, the two developments would complement each other in the area.
CITTA, a three-level mall of 424,000 square feet, is expected to have about 130 outlets, including brands like MBO cinemas, Hervey Norman, Julia Gabriel and Chiltern House, Anjappar and Cafe Barbera.
Among the group's completed development projects at Ara Damansara are Dana 13 Office Tower, Dana 1 Commercial Centre and Puncak Nusa Kelana Condominium. -- Bernama
Published: 2010/10/22
Puncakdana Group will invest RM1.4 billion over the next five years in an open concept retail precinct with 9 office towers connected development at Ara Damansara, Petaling Jaya, to spur growth.
Founder and managing director Mah Siew Sian said the retail precinct named CITTA, with a RM280 million gross development value (GDV), will be completed by year-end and is scheduled to open for business in the first quarter of 2011.
"CITTA, an open air design mall with the retail outlets clustered together in an accessible, alfresco-like style already has a 50 per cent take-up rate when it opens for business," Mah said at a media briefing on the group's plans today.
"The balance is expected to be occupied in six to nine months," he said.
Mah said the group expects to see a return on investment beginning 2016 for the CITTA development.
The upcoming development of the B2 (five office towers) with a RM800 million GDV and D18 (four office towers) with a RM304 million GDV are expected to be completed within five years, he said.
"Currently, we are in the midst of obtaining approval. The office towers will complement the ready market for growth," Mah said.
"The LRT station nearby enhances accessibility, many companies are opting to move out from city centres, and the upper middle income community together with other nearby developments will certainly bring new vigour," he said.
According to him, the development will bring zest to Ara Damansara, one of the last parcels of land in Petaling Jaya.
Mah said with Sime Darby also planning to build a mall in Ara Damansara, the two developments would complement each other in the area.
CITTA, a three-level mall of 424,000 square feet, is expected to have about 130 outlets, including brands like MBO cinemas, Hervey Norman, Julia Gabriel and Chiltern House, Anjappar and Cafe Barbera.
Among the group's completed development projects at Ara Damansara are Dana 13 Office Tower, Dana 1 Commercial Centre and Puncak Nusa Kelana Condominium. -- Bernama