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December 29, 2015

MyTOWN And Ikea Develops Cheras

KUALA LUMPUR, 29 December 2015 – MyTOWN Shopping Centre, a joint venture project between Boustead and Ikano Retail Asia, is bringing a breath of fresh air to Cheras and creating the latest buzz-worthy spot in town. Located strategically within the Kuala Lumpur city centre, the development project comprises of MyTOWN Shopping Centre as well as Ikea. Since its inaugural opening on 19 November, Ikea has been well received by the public.

In an exclusive interview with Thomas Malmberg, Shopping Centre Director, Ikano Pte. Ltd. and Datuk Koo Hock Fee, Chief Executive Officer/ Managing Director, UAC Berhad, Boustead and Ikano have both been working closely for a period of time, ensuring that both parties have a mutual understanding and play key roles in empowering each other to ensure a long-lasting partnership.

“Among all of the Ikea stores all around the globe, Ikea Cheras excites me the most as it’s located at a strategic location within the city centre and I believe it will attract great footfall,” said Thomas.

Thomas also revealed that MyTOWN Shopping Centre, which is the main highlight of the project has currently signed up approximately 70% of tenants.

Datuk Koo commented that the whole development project spans across 30 acres, with Ikea and MyTOWN occupying 12 acres and 18 acres respectively. The development progress of MyTOWN has reached 50% thus and is expected to be completed within a year, ready for its opening by end 2016

“Generally, building the foundation of a construction is the most time-consuming part, however, we are satisfied with the development progress,” said Thomas. “The target audiences of MyTOWN ranges from middle to middle upper spending power groups. MyTOWN shopping centre can even be a good location for social activities that is suitable for people from all walks of life.” He added.

“We hope to design MyTOWN as a centre with a variety of functions. Members of the public can shop and have social activities here”.

Despite stiff competition within the vicinity, Datuk Koo is positive that MyTOWN and Ikea will become the catalyst to boost economic activities and provide ample job opportunities in the area.

Thomas highlighted that there is still a need for shopping malls to be developed in areas with positive business opportunities despite the issue of excessive shopping malls globally.

Creating value for new residential properties
MyTOWN is an integrated development project which consists of three residential condominiums and one commercial building. Upon the completion of the shopping centre, the residential and commercial units will be introduced to the market. Other than the MyTOWN Shopping Centre development, Boustead also owns land along Jalan Cochrane. One Cochrane condominium project, which is adjacent to the shopping centre, will be launched next year, consisting between 900 to 1,000 residential units.

Boustead is also constantly seeking opportunities in developing the area with plans of hotels and residential units to be constructed in order to grow the community further. Datuk Koo believes that the booming development of Cheras will generate more value for the residential projects, and in time yield good results for its corporation.

MyTOWN will open its doors end of next year
‘Accessibility’ is one of the important elements for MyTOWN Shopping Centre. As such, emphasis has been placed in improving and developing the infrastructure of the area to create seamless connections. Major roads leading to MyTOWN have been widened, direct links to major highways like MEX highway and availability of public transportation are also in the development pipeline. Datuk Koo has indicated that MyTOWN will open its doors at the end of next year. The MRT station connected to the mall, is slated to be operational six months after the shopping centre is opened. Meanwhile, Boustead Ikano will continue the effort in enhancing the roads and resolve traffic issues surrounding the area.

The success of the MyTOWN development project encompasses three elements:-

Integrated development of new highways and roads widening
More than 6,500 parking lots
Direct tunnel link from MRT station
Thomas has also mentioned that the strategic location and exciting tenants mix will attract a wide array of target audiences. At this point of time, MyTOWN has already gained support from Parkson, GSC, Celebrity Fitness, UNIQLO and other famous retail brands.