Wednesday, May 27, 2015
Genting Premium Outlets® Set to Rise in Iconic Genting Highlands
Malaysia and South East Asia’s first hilltop Premium Outlet Centre is closer to becoming a reality, as construction work is about to begin on Genting Premium Outlets. As the 85th Premium Outlet Center in the Premium Outlets portfolio, development for the 600,000 square feet Genting Premium Outlets is expected to cost a total of RM200 million and is targeted for completion in the last quarter of 2016.
Situated at Genting Highlands Resort within the East Coast Economic Region, Genting Premium Outlets will offer a gross leasable area of approximately 300,000 square feet that will house 150 designer and brand name stores and 4,000 parking bays for cars and buses. Operated by Genting Simon Sdn Bhd, Genting Premium Outlets is a key component of the Genting Integrated Tourism Plan, a 10-year development, expansion, enhancement, refurbishment and infrastructure master plan; an illustration of private sector participation under the Economic Transformation Programme.
Genting Simon Sdn Bhd is a wholly owned subsidiary of Simon Genting Ltd, a 50:50 joint venture between Genting Plantations Bhd and Premium Outlets, the outlet division of Simon Property Group.
“We are proud to have Genting Premium Outlets as a hallmark development within the Genting Integrated Tourism Plan (GITP). Its strategic location within Genting Highlands will allow Genting Premium Outlets to leverage and also further enhance Genting Highlands’ attraction as a major tourist and holiday destination that draws about 20 million visitations annually,” said Tan Sri Lim Kok Thay, Chairman and Chief Executive of Genting Group. “As we realise the ambition of this development, we hope to further cement Malaysia’s position as South East Asia’s shopping haven and a preferred investment destination for retail and real estate that has the potential of generating high growth,” he added.
Stephen Yalof, Chief Executive Officer of Simon Premium Outlets added, “Following the success in Johor, we are very pleased to announce the opening of our second centre, Genting Premium Outlets, in Malaysia. The collection of brands and overall shopping environment will offer visitors to Genting Highlands an upscale shopping experience at impressive savings, synonymous with the Premium Outlets reputation.”
When officially open, Genting Premium Outlets promises to deliver a unique and distinctive shopping experience. The upscale mix of international designers and exceptional brand name stores at Genting Premium Outlets will offer retail aficionados impressive quality savings of 25% to 65% every day, making every visit “always worth the trip”.
Genting Premium Outlets is situated within Genting Highlands and is well connected to the capital city, Kuala Lumpur by car, bus, taxi and cable car (from Genting mid-hill to the peak). Highly accessible, it is approximately 45 minutes drive from Kuala Lumpur and within 1.5 to 2 hours drive from Ipoh, Kuantan and Seremban via the North-South Expressway and Karak Expressway.
The announcement today also coincides with the unveiling of the Premium Outlets new brand identity that will effectively synergise Simon Premium Outlets sophisticated and aspirational premium shopping experiences all around the world.
For more information, visit the www.premiumoutlets.com.my.
-Genting Simon Sdn Bhd