SEPANG: Malaysia Airports Holdings Bhd (MAHB) and Mitsui Fudosan Co Ltd have signed a joint-venture (JV) agreement to develop the largest factory outlet project in South-East Asia.
Under the agreement, the operator of Malaysia’s international airport, together with the Japanese developer, will form a JV company called MFMA Development Sdn Bhd, with a total investment of RM335mil. MAHB will hold a 30% stake in MFMA and Mitsui the rest.
Tentatively called Mitsui Outlet Factory Park KLIA, MAHB managing director Tan Sri Bashir Ahmad Abdul Majid said the project would transform KL International Airport (KLIA) into an airport city with tourism and employment opportunities.
“This is the first foreign investment in KLIA and Phase One will begin construction by the end of this year. The bidding process for contractors to participate will start very soon,” he said after the signing ceremony yesterday.
Located within the KLIA, the project is part of the Government’s effort to transform KLIA into a retail hub. This project is targeted to contribute gross national income of RM220mil by 2020, and generating 2,577 jobs.
Phase One consists of a shopping area of approximately 25,000 sq m, with the potential to house about 140 shops, and is scheduled to open in early 2015. The park will house retailers of luxury goods complete with food and beverage and entertainment facilities.
Mitsui executive managing officer Takeshi Suzuki said KLIA was a very important place where people would arrive for business and sight-seeing purposes.
-thestar online.
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