KSL to begin construction of second mall by end 2015
KUALA LUMPUR: Property developer KSL Holdings Bhd (KSL) is planning to begin the construction of KSL City Mall 2, expected to be one of the largest shopping malls in Klang, by the end of 2015.
According to a press release, KSL City Mall 2, with total gross floor area of about two million square feet (sq ft), would be integrated with a 400-room hotel and three blocks of service apartments adjoining it.
Speaking at the Annual General Meeting (AGM), KSL chairman Ku Hwa Seng said that the integrated development with a total Gross Development Value (GDV) of about RM2 billion would cater to the rapidlyexpanding population in Klang, which stood at approximately 1.2 million in 2014.
Ku Hwa Seng, chairman of KSL said, “Developing this integrated mall and hotel not only commensurates with the economic development in Klang, but is also a natural progression for KSL after building our township of Canary Garden@ Bandar Bestari in the vicinity.
“Our existing KSL City Mall and Hotel Resort in Iskandar Malaysia has been a great success with more than 90 per cent occupancy rate in the mall. We aim to replicate this feat in the Klang Valley, which would certainly go a long way in enhancing the Group’s property investment segment in the future.”
KSL City Mall 2 would be highly accessible through major highways such as the South Klang Expressway (SKVE) and KESAS Highway. Furthermore, it is also expected to benefit from the anticipated completion of Light Rail Transit (LRT) Phase 3 in 2020.
The integrated mall and hotel is expected to be completed by 2018.
Ku added that the KSL City Mall 2 in Klang would further strengthen the Group’s existing investment properties segment. “Currently our property investment segment contributes 20 per cent to the Group’s revenue and we anticipate that this will eventually grow to 30 per cent in the future.
“This would boost our recurring income stream and broaden our revenue sources.”
At the AGM, the shareholders approved a final single tier dividend of five sen per share in respect of the financial year ended December 31, 2014 (FY14). The dividends will be paid to shareholders on August 7, 2015 based on the company’s record of depositors on July 9, 2015.
Existing shareholders may opt to reinvest the final dividend under the Dividend Reinvestment Plan.