Ground breaking held for Johor Premium Outlets
Chief Minister of Johor, Dato' Haji Abdul Ghani bin Othman officiates the ground breaking ceremony for Johor Premium Outlets, which is a joint venture between the Genting Group and Simon Property Group, the largest public real estate company in the U.S.
The ground breaking ceremony marks the start of construction for phase one of Johor Premium Outlets, a 175,000 square-foot upscale outlet shopping center serving the South East Asia market.
The center will be located at the intersection of the North-South Expressway and the Second Link Expressway and will cover 44 acres of land. With the Bandar Indahpura, Kulai-Second Link Expressway Interchange completed in October next year, Johor Premium Outlets will be highly accessible to all traffic going to and from Johor and Singapore. It is also a short drive from Senai International Airport, about 3 hours' drive from Kuala Lumpur and about an hour's drive from the city centre of Singapore.
With a grand opening scheduled in the second half of 2011, Johor Premium Outlets is set to be an exciting shopping destination for brand conscious shoppers in this region. The center will offer a wide selection of designer fashions, sportswear, children's wear, shoes, fashion accessories, jewelry and more.
“It will create the first of its kind shopping experience in South East Asia, by offering a variety of designer brands and fashion items at very attractive prices,” said Tan Sri Lim Kok Thay, Chairman and Chief Executive of Genting Berhad and Director and Chief Executive of Genting Plantations Berhad.
The 50:50 joint venture between Genting Berhad's subsidiary Genting Plantations Berhad and Premium Outlets, the outlet division of Simon Property Group, combines the valuable expertise of the Genting Group and Simon Property Group in the tourism and retail property sectors.
There are 52 Premium Outlet Centers located in the United States, Japan, Korea and Mexico. Johor Premium Outlets will join the Premium Outlets portfolio of upscale outlet shopping centers, which attracts sophisticated and value-conscious customers from around the globe.
John R. Klein, CEO of Premium Outlets, the outlet division of Simon Property Group, said, “We are delighted to have had the opportunity to develop this exciting project with the Genting Group. Johor Premium Outlets is the first Premium Outlet Center in Malaysia and will build on the phenomenal success of the Premium Outlets portfolio worldwide.”
The total development cost of Johor Premium Outlets is approximately RM149 million (USD47 million). With a gross built-up space of approximately 330,000 sq. ft., the center's first phase will have a gross leasable area of 175,000 sq. ft., comprising 80 to 90 high-quality designer and name brand outlet stores. It will also have approximately 3,000 car parks and 30 bus bays.
Conveniently located between Resorts World Genting to the north and Resorts World Sentosa to the south, Johor Premium Outlets will provide synergies with Genting Plantations Berhad's existing property operations and the Genting Group's leisure and hospitality footprint in this region.
“Johor Premium Outlets is an exciting addition to the Genting Group's operations and also reaffirms our continuous commitment to the development of Iskandar Development Region as well as the country's tourism industry,” said Tan Sri Lim Kok Thay.
Simon Property Group Inc