Bangkok--14 May--CPN
Today Central Pattana Public Company Limited (CPN), Thailand’s leading retail property developer, today announced a Letter Agreement to show its desire to sign a joint venture agreement with I-City Properties Sdn Bhd (ICP), an I-Berhad wholly-owned subsidiary, to establish a joint venture, in which ICP will hold a forty-percent (40%) stake and CPN through its local subsidiaries will hold a sixty-percent (60%) stake. The Joint Venture will develop a RM 580-million regional shopping mall at i-City, at Section 7, Shah Alam, Selangor Darul Ehsan.
Mr. Kobchai Chirathivat, President & CEO of CPN, said “This important decision reflects CPN's first strategic move in ASEAN and our confidence in Malaysia’s economy. We are excited to have an opportunity to invest in this dynamic and exciting country particularly in Shah Alam, the state capital of Selangor, which has a population of over 600,000 and a rapidly growing middle class segment. This investment will be an important starting point for us to achieve our vision, which is to be a regional retail property developer, and this joint venture will strengthen our commitment towards it. We believe that ICP’s expertise in construction management as well as local market understanding and strong government relations will greatly contribute to the success of this project. In the same way, CPN will contribute our expertise in retail property development to make this project a great success as we are recognized as a leader of retail property management & development in Thailand with a portfolio of 21 leading shopping malls.”
The joint venture will build a new RM 580-million regional shopping mall in Shah Alam. CPN will lead in the design, development and management of the shopping mall. This shopping mall will serve as the new lifestyle destination for shopping, entertainment and community gathering in West Selangor. The project will be developed on a free hold land plot of 11.12 acres with gross floor area (GFA) of around 138,000 square meters and net leasable area (NLA) of around 89,700 square meters.
Mr. Kobchai added that “CPN will bring in differentiation to Malaysia’s retail industry while ICP will help ensure we are able to adapt and apply CPN’s expertise to respond to the needs of the local market and consumers. The construction of the shopping mall is expected to commence in 2014, and we plan to open this legendary shopping mall by the end of 2016.”
CPN is a listed company in the Stock Exchange of Thailand (SET). CPN is a leading retail property development and management company, particularly specializing in developing and managing shopping malls and office towers in Thailand. CPN is Thailand’s largest retail property developer with a portfolio of 21 leading shopping malls, seven office buildings, two hotel and two residential projects. CPN’s accomplishments over the course of its operation are the result of its dedication to be an innovation-driven company with the ambition to become a world-class retail property developer.
ICP is the property arm of I-Berhad, an established company listed on the Main Market of Bursa Malaysia. ICP is the developer of i-City, an integrated township development consisting of a shopping mall, cybercentre office suites, corporate towers and hotels along with residential and retail components on a 72-acre freehold site situated along the Federal Highway.