We are delighted to announce that Mitsui Fudosan Co., Ltd. has decided to begin developing “(tentative name) Mitsui Outlet Park Kuala Lumpur International Airport (KLIA),” Kuala Lumpur’s first outlet project, in Kuala Lumpur, the capital of Malaysia, and today, we have concluded a basic agreement with Malaysia Airports Holdings Berhad (hereafter referred to as “MAHB”), the land leaseholder of and the airport operator of 39 airports in Malaysia including KLIA. We are expected to begin the first-phase construction in the summer of 2013 and open the first-phase business in the winter of 2014. MAHB is listed in Kuala Lumpur Stock Exchange and its major stocks are owned by a government-managed fund.
This development has been determined by MAHB’s request-for-proposal bidding method in which the construction of outlet establishment was assumed and leading commercial establishment developers around the world bid for the development, and we bid for it and were determined to be the developer upon winning the bid. Regarding this project, MAHB, the landholder, and we collectively establish a project promoting company to promote the plan. We assume the investment ratio will be 70% by us and 30% by MAHB. The project promoting company will lease the land from MAHB for 30 years, construct buildings, and lease out to tenants.
This property locates within the premise of Kuala Lumpur International Airport, which is about 60 km south from the urban area of Kuala Lumpur and takes about 40 minutes by car. It is faced toward the main road that connects the airport and the urban area and is a location excellent for accessing not only from the broad urban area of Kuala Lumpur but also from Kuala Lumpur International Airport, which is used by about 38 million people annually. Kuala Lumpur International Airport is currently conducting the construction of the second airport, and after the open of the second airport in May, 2013, it is expected that about 45 million people will use the both airport annually which is expected to open in May, 2013. It is expected that about 45 million passenger will use the airport when the the development is open for commercial operations in the winter of 2014. This property is in the KLIA Aeropolis Plan, which is expected to be developed in the future by MAHB, and offices, commercial establishments, a convention center, logistics facilities, a theme park, golf courses, etc., are expected to be clustered around the property. MAHB uses this property development as a pace setter, and they will sequentially promote development plans in the future.
By using the vast extent of land of approximately 180,000 m2, we are planning to have approximately 46,300 m2 of overall shop areas and about 240 shops in the final phase. This will be the largest class of establishment as compared to our establishments in Japan. Regarding the tenants, we are assuming the brands in Europe and the United States, Asia, and Japan that comprise a wide variety of business categories centered on luxurious brands, casual brands, specialty boutiques, etc. We also consider attracting restaurants in which about 25 million tourists who visit Malaysia annually can enjoy, attracting the outbound needs of Japanese companies, and introducing entertainment aspects.
This project is our first outlet establishment in Southeast Asia.The number of population, wealthy people in Malaysia are expected grow as well as personal spending, we are keen to acquire more opportunities in Malaysia. We will promote development tailored to the local business practices while maximizing the experience and knowledge we have acquired in the development of commercial establishments, such as Mitsui Outlet Park, tenant leasing, and operations.
Our group regards the overseas projects as a growing field and has developed and managed an outlet mall in Ningbo, China, deployed housing projects in Tianjin Eco-City, as well as Shanghai New Town “
(Hao shi huang ma yuan).” With a focus on a business of houses built for sale in which the demand is expected to expand due to economic growth and the development of urbanization, as well as a business of commercial establishments in which the growth of personal spending can be attracted, we set further engagement in business deployment in Southeast Asia in the future as one pillar of our growth strategy. We have drawn up an investment of 500 billion yen in Europe and the United States, as well as Asia by fiscal 2017 in Innovation 2017 (our group’s medium- to long-term business plan in the fiscal 2012 – 2017).
(Hao shi huang ma yuan).” With a focus on a business of houses built for sale in which the demand is expected to expand due to economic growth and the development of urbanization, as well as a business of commercial establishments in which the growth of personal spending can be attracted, we set further engagement in business deployment in Southeast Asia in the future as one pillar of our growth strategy. We have drawn up an investment of 500 billion yen in Europe and the United States, as well as Asia by fiscal 2017 in Innovation 2017 (our group’s medium- to long-term business plan in the fiscal 2012 – 2017).
We at Mitsui Fudosan are committed to social and economic development as well as global environmental preservation under the principles of harmony, coexistence and inclusive cooperation represented by our “ 
” corporate logo. Under the principles of the “ ” logo, “ 
” represents our group vision. “ ” symbolizes our recognition that urban development is interlinked with the planet and our aim of a society that enriches both people and the planet.
” corporate logo. Under the principles of the “ ” logo, “ ” represents our group vision. “ ” symbolizes our recognition that urban development is interlinked with the planet and our aim of a society that enriches both people and the planet.
*The (" ") logo represents an inclusive approach toward harmonious coexistence that transcends conflicting ideals in the process of creating new value. This contrasts with the notion of "or," in which society must often choose between perceived opposing perspectives, such as "civilization or nature," "economy or culture," "work or study." The logo was adopted in April 1991.
") logo represents an inclusive approach toward harmonious coexistence that transcends conflicting ideals in the process of creating new value. This contrasts with the notion of "or," in which society must often choose between perceived opposing perspectives, such as "civilization or nature," "economy or culture," "work or study." The logo was adopted in April 1991.
Plan Outline
| Location | On a premise of Kuala Lumpur International Airport in Malaysia | |
|---|---|---|
| Business Form | Factory outlet | |
| First-Phase Plan Outline | Shop Area | Approximately 19,800 m2 |
| Number of Shops | About 100 | |
| Schedule | Groundbreaking in the summer of 2013 and opening in the winter of 2014 | |
| Eventual Overall Plan Outline (Including the First-Phase outline) | Shop Area | Approximately 46,300 m2 |
| Number of Shops | About240 | |
| Schedule | The schedule after the Second Phase not yet determined | |
-Mitsui Fudosan.
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