Business

CapitaMalls, Sime Darby plan US$163m mall in KL

KUALA LUMPUR, May 9 – The property arm of Malaysian Sime Darby Bhd said today it is partnering with Singapore-based CapitaMalls Asia Ltd to build a shopping mall with a development cost around RM500 million (US$163.56 million) in Kuala Lumpur.

The development will feature a shopping mall with a total net rent area of 635,000 square feet, situated in Kuala Lumpur, Sime Darby said. The project is due for completion in 2016.

CapitaMalls Asia, 65 per cent owned by Singapore sovereign wealth fund Temasek, is one of the most active international property developers in Malaysia. This development will be CapitaMalls Asia’s sixth mall in Malaysia.

CapitaMalls’ shares closed 0.02 per cent lower today, while Sime Darby ended the day 0.01 per cent lesser. – Reuters

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