Mid Valley City Gardens Sdn Bhd expects to lease out 85% to 95% of the retail portion of its latest development, The Gardens, when the shopping gallery opens in September.
Chief executive David McCracken said that currently, more than 75% of the total retail lettable area of 800,000 sq ft had been committed.
“We are setting up this high-end gallery to attract new markets and are looking to draw 8 million to 12 million visitors a year.
“It is lower than the 28 million visitors that go to the Megamall yearly, but we expect the gallery's visitors to have a higher average spending power,” he told Starbiz yesterday.
The Gardens' key anchor tenants are Isetan of Japan Sdn Bhd, Robinson and Company Ltd as well as Golden Screen Cinemas Sdn Bhd.
McCracken said having the two malls located next to each other allowed the developer to extract as much value as possible from the 20.24ha site as well as offer clients various shopping and accommodation choices.
He said the hotels would be formally opened in the first quarter of 2008 after a soft launch planned before Christmas this year.
“The offices will be marketed from the second half of this year and is expected to be occupied at the end of the first half of 2008,” he added.
On the remaining 1.01ha in the 20.24ha Mid Valley City site, McCracken said a premium residential development was being planned.
This would be the final project in the entire Mid Valley City development, scheduled for completion in 2010.
In a statement, IGB Corp Bhd managing director Robert Tan said the group had invested more than RM400mil in infrastructure to improve access and connectivity to Mid Valley City.
“This is important as it will be home to an on-site daily population of over 35,000 people,” he added.