Design Village Penang – the northern state’s first premium outlet mall – aims to open by this November in time for the school holidays, said its general manager Tay Ai Leen.
This is slightly earlier than its previous targeted launch date of around Christmas this year.
The mall’s operator PE Land (Penang) Sdn Bhd is confident that international brands will want to have a presence at the mall – coming up at Batu Kawan on Penang’s mainland – as it will be the only premium outlet mall in Peninsular Malaysia’s northern corridor, she told TheEdgeProperty.com.
PE Land is also the owner and operator of The Spring shopping mall which is based in Kuching, Sarawak.
According to her, Design Village is expected to provide a unique experiential retail journey and attractive offerings of premium brands at discounted prices for shoppers.
The 400,000 sq ft Design Village Penang is part of a 40-acre mixed-used development that will include a hotel, serviced apartments and high-end condominiums.
The entire development will have a total estimated gross development value (GDV) of RM1 billion, while Design Village itself will have an estimated GDV of between RM200 million and RM300 million.
“The residential and hotel components will complement Design Village’s development, making it a place for living and leisure. The residential units will be linked to Design Village and a linear park, and the hotel will provide affordable accommodation to tourists,” Tay added.
However, she did not disclose more details on the residential and hotel developments as the company’s current focus is on the premium outlet mall.
According to data from the Penang Tourism Development Committee, the state is expecting more than six million tourists to Penang this year. It had recorded 6.25 million tourist arrivals in 2015.
On the market outlook, Tay noted that Penang’s property market is spearheaded by strong foreign direct investment results and strong international support.
“The second Penang bridge as well as a list of developments in Batu Kawan, including a theme park, golf course, mid-to-high end housing, IKEA, universities and medical centres, will be growth catalysts for Batu Kawan and attract tourists here,” she said. - The Edge Property