CapitaMalls buys Queensbay Mall

CapitaMalls Asia Ltd is buying Queensbay Mall in Penang for about RM658 million.

The acquisition will be made through CapitaMalls Asia's subsidiaries and an asset-backed securitisation structure.

CapitaMalls Asia will buy about 90.7 per cent of the mall's retail strata area and all its car park spaces, the company said in a statement yesterday.

Queensbay Mall is Penang's largest mall located at Bayan Lepas along the southeastern shorefront of Penang island and about 20 minutes' drive from Penang International Airport.

It is a family-lifestyle mall located at the heart of a 29.57ha prime waterfront integrated development which comprises a hotel, a wide range of residential homes and planned office towers.

It is easily accessible from the north of the island via the Jelutong Expressway and from the south via the Bayan Lepas Expressway.

This will be CapitaMalls Asia's second mall in Penang and fourth in Malaysia.

The other three malls - Gurney Plaza in Penang, an interest in Sungei Wang Plaza in Kuala Lumpur and The Mines in Selangor - are owned through CapitaMalls Asia's stake in CapitaMalls Malaysia Trust.

"Gurney Plaza, which we already own through CapitaMalls Malaysia Trust, and Queensbay Mall are the two best malls in Penang.

"The acquisition of Queensbay Mall, the largest shopping mall in Penang, will substantially strengthen CapitaMalls Asia's market leadership in the state.

"This acquisition signals our ongoing commitment to invest in Malaysia's retail sector for the long-term, following our listing of CapitaMalls Malaysia Trust in July this year," CapitaMalls Asia chief executive officer Lim Beng Chee said in the statement. - by Business Times


December 25, 2010 at 10:08 AMhairyWong

does this mean higher parking fees? sigh...

December 25, 2010 at 4:07 PMFREETHINKER

May be...but they wont make drastic action within 1st half.

But look at how they managed Gurney and the crowd they pull in. overall I believed it will be good for the mall and shoppers. Capital Mall is very professional Sporean company and will make sure they have chosen the jewel and excellent location before they invest in. The 2nd bridge and high growth in Bayan Lepas area proven to be too tempting for foreigners and investors.

The shop owner will benefits and also the surrounding housing areas prices will be further boosted. So it will be a bad news for those who plan to buy the around neighbourhood (Putra Place, Gold Coast, Jerejak, Taman Sri Nibong etc) later next year :-(

December 25, 2010 at 6:11 PMameer

hairy wong...higher parking what..its "biasa" lah...cheaper options..u can park outside meter,if u late,kenan its "biasa" lahh------:)