Mitsui Fudosan to develop “Mitsui Shopping Park LaLaport Kuala Lumpur (tentative name)”,
the first LaLaport in Southeast Asia planned to open in 2021.
March 30, 2016
Mitsui Fudosan Co., Ltd.
Key Points of the Project
- Core component of a large scale mixed-use development project in the Kuala Lumpur city center comprising mainly of retail, office, residence, and hotel.
- Development of the first LaLaport in Southeast Asia aimed to create a one-stop retail destination which proposes a new style of living to the local community.
- Planned to become the largest retail mall overseas for Mitsui Fudosan (approx. 300 stores and a net lettable area of 80,000 m2)
On March 28, 2016, Mitsui Fudosan Co., Ltd. , through its subsidiary in Singapore (Mitsui Fudosan (Asia) Pte. Ltd.) has signed the Heads of Term Agreement with their joint business partners and other relevant parties to participate in the retail components (“the LaLaport Mall”) of the “Bukit Bintang City Center Project (“BBCC”)”.
BBCC is a large scale mixed-use development project in the Kuala Lumpur city center undertaken by Uda Holdings Berhad (“Uda”) and BBCC Development Sendirian Berhad (“BBCCD”), comprising mainly of retail, office, residence, and hotel. Mitsui Fudosan, with partnership with the shareholders of BBCCD, will develop and operate this core component of BBCC to become the first LaLaport in Southeast Asia. This LaLaport Mall is estimated to commence construction in 2017, and open in 2021.
Located in the vicinity of Kuala Lumpur’s central shopping district Bukit Bintang, the LaLaport mall will have direct access to the LRT and KL Monorail stations as well as an access via a pedestrian deck to the Mass Rapid Transit (MRT) station scheduled to commence operation in 2017. Moreover, the facility will be highly accessable from the main roads and highways. With this excellent accessability, the LaLaport mall is expected to widely attract visitors from the Klang Valley as well as foreign and domestic tourists.
To cater to the robust consumer spending and increasingly sophisticated and diversified consumer preferences in Malaysia, the LaLaport mall will comprise of an extensive selection of approximately 300 stores offering everything from high-end brands to daily life essentials, proposing a new style of living to the local community.
Mitsui Fudosan will also make the most of its experience and tenant relations from the management and operating of over 100 malls in Japan and around the world, to differentiate the project from competitors especially by inviting a variety of Japanese stores ranging from fashion to F&B.
Entire project of BBCC
The LaLaport Mall Entrance
Mitsui Fudosan’s Overseas Strategy
The Mitsui Fudosan Group has positioned overseas business as one of its growth areas. Under Innovation 2017 Stage II (the Group’s medium- and long-term management plan), the Group targets to invest approximately JPY550 billion in Europe, the U.S., and Asia. At present, the Group is making steady progress with those investments.
In Asia, the Group opened Shanjing Outlet Plaza Ningbo in 2011, followed by Mitsui Outlet Park KLIA Sepang in Malaysia on May 2015 and Mitsui Outlet Park Linkou in Taiwan on Jan 2016. Aiming to capture the growth of the Asian countries, the Group is aggressively expanding its business in Asia also investing in residential projects of Singapore, Malaysia, Thailand, Indonesia, and China.
Mitsui Fudosan’s Retail Business in Malaysia
Kuala Lumpur’s first full scale outlet mall Mitsui Outlet Park KLIA Sepang has been successfully accepted by the market and is steadily attracting more customers than initially forecasted. Supported by a healthly composition of the population demographics and high employment level, Mitsui Fudosan recognizes Malaysia as a promising market where further growth of private consumption can be expected.
Overview of Mitsui Shopping Park LaLaport Kuala Lumpur
|No.2,Jalan Hang Tuah,55100 Kuala Lumpur, Malaysia
|Direct access to Hang Tuah Station on the LRT and KL Monorail lines
Five-minute walk to Merdeka Station on the MRT Sungai Buloh-Kajang (SBK) Line
(scheduled to open in 2017)
|Approximately 78,500 m2
(entire project including the LaLaport Mall)
|Total floor space
|Approximately 130,000 m2 (for the Lalaport Mall)
Approximately 600,000 m2 (entire project including the Lalaport Mall)
|Store floor space
|Approximately 80,000 m2
|Five floors above ground and four floors below
(including parking two to four floors below ground)
|Start of construction
Overview of BBCC
BBCC is a large scale mixed use development in the Kuala Lumpur city center comprising mainly of retail, office, residence, and hotel on a total site area of approximately 78,500 m2.
Mitsui Fudosan group plans to develop, own, and manage the LaLaport Mall through a joint venture company to be established with the shareholders of BBCCD ; Uda Holdings Berhad, Eco World Development Group Holdings and Employees Provident Fund Board.
- Retail facility (to this retail project)
- Outdoor shopping street (to this retail project)
- Office, hotel, and residential complex
- Entertainment complex (cinema complex, etc.)
- Transportation hub
Click map to enlarge
Click map to enlarge