Rubberex in collaboration to develop and operate Empire City Mall
PETALING JAYA (October 5): Glove maker Rubberex Corp (M) Bhd is offering to participate in a joint collaboration to develop and operate Empire City Mall, Focus Malaysia reported today.
Yesterday, in a Bursa Malaysia file, Rubberex announced its collaboration with Alliance Premier Sdn Bhd, EXSIM Holdings Sdn Bhd and JT Momentum Sdn Bhd through a joint venture Alliance Empire Sdn Bhd.
Rubberex’s non-independent executive director, Lim Chee Lip, will spearhead the project and has entered into a conditional share subscription agreement with Alliance Empire to subscribe for shares in the joint venture.
Chee Lip told the news portal that the investment “represents a 20% stake in Alliance Empire at RM 180 million which will be fully satisfied in cash.”
“By capitalizing on the current themes of global economic reopening and recovery, our first foray into and diversification into real estate investing is in line with the group’s long-term strategy of delivering sustainable growth, stable revenues and creation. of shareholder value, ”said Chee Lip.
“The Malaysian economy is experiencing a gradual recovery, especially in the commercial and retail sectors,” he added.
Meanwhile, EXSIM Group Managing Director Lim Aik Hoe said: “With this strategic alliance collaboration, we are confident that the Empire City Mall is poised to become one of the iconic tourism hotspots. in Malaysia as part of an integrated lifestyle business development.
“Empire City Mall is a unique creation that would add value to surrounding developments with its distinctive architectural facade design,” said Aik Hoe.
Empire City Damansara Mall, located along Lebuhraya Damansara-Puchong, has a net leasable area of 2.5 million square feet. According to a report from The Edge Malaysia, it is understood that its value is now around RM500 million. The new opening date for the partially completed shopping center is “2023”.
The mall is part of the larger Empire City Damansara (ECD1) project, which has a gross development value of RM 5 billion, developed by Mammoth Empire Holdings Sdn Bhd (MEH). ECD 1 also includes hotels, offices and apartments.
MEH was founded by Datuk Sean Ng Yee Teck and his partner Datuk Danny Cheah. He also developed the Empire Hotel and the Empire Shopping Gallery in Subang Jaya.
In 2019, MEH sold its 61-acre land in Damansara Perdana, Selangor, to Exsim Development Sdn Bhd for RM760 million. The land was originally for the development of EDC2. Exsim also purchased an additional 4.5 acres adjacent to ECD1.
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