Thailand’s largest retail developer Central Pattana Pcl (CPN) and i-City Properties (ICP), an affiliate of Malaysia’s real estate giant i-Berhad, have set up a 60:40 joint venture to develop an 8.5-billion-baht Central i-City shopping centre in Malaysia.
Central i-City is a part of i-Berhad’s i-City project, which is located in Shah Alam, the capital city of Selangor, 22 kilometres away from Kuala Lumpur.
The JV has started the construction this year on the 11-acre plot of land and expects to launch it in the fourth quarter of 2018.
“Central i-City will become a new international regional shopping centre and mark our first significant step in becoming the shopping centre leader in the ASEAN,” said Wallaya Chirathivat, senior executive vice president of CPN’s Business Development and Project Construction.
The Central i-City will have a total gross floor area of 278,000 square metres and is targeted at the middle-and high-income consumers in Shah Alam – which has a population of more than 600,000.
Under the project, CPN will supervise the design and development of the shopping centre, operate it and also bring in the leading Thai brands. ICP will help with customizing the project for Malaysia consumers.
Known as ‘Malaysia Cybercentre’, i-City is built as a community for office buildings, residences, a hotel and entertainment. It is also developed to be a new attractive tourism spot, famous for the night lighting decoration, a water park and a performing arts centre.