Setapak Central Mall being sold to a Singapore company, says report

KUALA LUMPUR (Sept 4): AsiaMalls Sdn Bhd may be concluding the sale of Setapak Central Mall (pictured) with global Singapore-based integrated real estate fund manager ARA Asset Management Ltd, said a report by The Star.

According to reports, the three-storey retail mall has an NLA of 494,000 sq ft and also has the ZetaPark serviced apartments on top of the retail areas.

It is located along Jalan Genting Klang in the Danau Kota township of Setapak.

The leasehold development has 1,100 carpark bays.

Public transportation is within easy reach, with the closest train station being the Wangsa Maju LRT.

Yesterday, The Edge Financial Daily reported that AsiaMalls also found a buyer for the SStwo Mall in Petaling Jaya.

According to sources, SStwo Mall has been bought by Puchong-based DK Group of Companies for an estimated RM180 million.

The Edge Financial Daily learnt that the deal was completed at the end of July.

Sources said the mall was sold at below what the owner had sought at between RM200 million and RM250 million, but at par with its construction cost.

When contacted, a representative from DK-MY Properties Sdn Bhd, the property arm of DK Group of Companies, said it was still too early to disclose the terms of the sale and its plans for the mall.

SStwo Mall, with a gross floor area of 700,000 sq ft and a net lettable area of 460,000 sq ft, was built on 3.16ha of land.

The mall opened for business in 2010 and closed down less than four-and-a-half years later.

As for Setapak Central Mall, The Star report did not mention how much it was being sold for but the same report said that Parkson Holdings Bhd sold the mall to a fund for RM349 million cash in August 2014.

Parkson Holdings developed the mall via wholly owned subsidiary Festival City Sdn Bhd.