Mitraland sees high F&B take-up rate for Pier 8

UNDER-SERVED MART: CHi Fitness, Loudspeaker sign up as key tenants

MITRALAND Group Sdn Bhd expects Pier 8, its retail component in Klang, to have a high take-up rate, particularly from food and beverage (F&B) outlets.

Pier 8 is the retail component within Mitraland’s 6.07ha freehold mixed-use development site Gravit8, which has a gross development value of RM1.3 billion.

Mitraland is planning to have 70 per cent of Pier 8 cater for F&B outlets, in line with its positioning of the mall as a “maritime F&B haven”.

Group chief executive officer Chuah Theong Yee said there were two other shopping malls nearby Gravit8, with one offering entertainment options for the mass market in a limited way.

“When we undertook our market research, we realised that Klang is an under-served market for lifestyle retail spaces.

“We are confident of our positioning and direction,” he said.

Chuah said the immediate and surrounding population within a 15-minute radius of Gravit8 was more than sufficient.

“Based on a 2014 market study, it recorded a total household retail expenditure of RM2 billion per year. This number is expected to grow once the development is completed in 2020.”

Mitraland signed a memorandum of understanding yesterday with two key tenants of Pier 8, namely CHi Fitness and Loudspeaker.

Pier 8 will be completed in the first quarter of 2020 together with its Phase 2A Nordica & Adria serviced apartments in Gravit8.