/// East Malaysia Property News
More Malls to Give Retail Business Extra Boost
Local-based PE Land Sdn Bhd
(PE Land), the management and
operator of tHe Spring Shopping
Mall in Kuching is embarking on an
expansion plan to develop more
shopping malls in the coming years
to further grow its retail business.
Fresh from opening its newly
refurbished food court on the first
floor of tHe Spring Shopping Mall
earlier this month, the company
will be developing an outlet mall in
mainland Penang known as Penang
Designer Village (PDV) in the second
half of this year.
Apart from that, PE Land is also going
to develop another shopping mall
in Bintulu this year located near to
the town’s waterfront, and another
shopping mall in Miri next year.
However, with the ever changing
retail environment, it might be
challenging as the economy braces
for a tighter budget, stricter lending
policies, rising cost of living, more
competition and impending goods
and services tax (GST) set to put a
dent in spending habits.
“We have a long term view for our
malls as it must be maintained
properly to ensure that it is clean,
safe and comfortable for shoppers
as such re-investing to improve
our facilities is a must,” said PE
Land managing director Ling in an
interview with The Borneo Post.
“We are committed to bringing in
a new experience to the people of
Sarawak and tourists alike because
we ourselves demand it,” he added.
With its recent win from the Ministry
of Tourism and Culture declaring tHe
Spring Kuching as the Best Shopping
Mall for Sabah and Sarawak, it seems
befitting for all its effort.
“I am optimistic that this is part and
parcel of a cyclical economy of which
it will eventually stabilise over time.
“What is more important is that
the government understands
what it needs to do so that we will
have a stronger more competitive
economy,” said Ling.
He continues to highlight rising costs
as one of the factors pushing PE
Land towards expanding its portfolio
of assets, “otherwise it may be too
expensive to enter the market later
when the market booms,” Ling
added.
PE Land’s strong strategic
partnerships have positioned it
well to capitalise on its expansion
plans in the future. One of those
developments is in Bandar Cassia,
Batu Kawan, Penang where it will
build a 400,000 square feet premium
outlet concept known as Penang
Designer Village and hotel with a
gross development value (GDV) of
over RM300 million and is expected
to open by late 2016.
The land is spread over 40 acres
with a possible future phasing of
development to include high rise
residential properties.
“We are very excited this year as
there are a lot going on for us,” Ling
said, referring to the multitude of
events and new global tenants set to
make its entry into Kuching starting
with the opening of COACH New York
on June 1 and the yearly community
The Spring Live Active Run on June
15 to promote a healthy lifestyle and
sportsmanship.
Naim Holdings Net Profit Soars to RM95.8 Million
group said it continues
to seek opportunities to
acquire strategic land banks
within Malaysia to further
strengthen the segment in
terms of sales, profit and
market share.
However, it remains cautious
in view of the mixed outlook
of property market in
Sarawak for the year ahead.
Naim Holdings Bhd’s net
profit for its quarter ended
March 31, 2014 more than
doubled to RM95.81 million
from RM41.16 million a year
ago.
The Sarawak-based property
company told Bursa Malaysia
that the increase was due to
30
substantial gain of RM61.7
million arising from disposal
of partial interests in an
associate.
Meanwhile, its revenue
was up 19.5% to RM154.05
million from RM128.9 million
a year ago contributed by its
construction segment, on
www.PropertyHunter.com.my
account of higher progress
of existing construction
projects.
Earnings per share for the
period stood at 40.44 sen
against 17.37 sen a year ago.
Commenting on its property
segment’s prospects, the
“Product planning and
pricing as well as tightening
of costs control strategies
are amongst the key
measurements to be
implemented in order to
sustain the performance in
our property segment,” it
said.
At the same time, the group
said it will progressively
divert its existing
construction resources to
the property division which
has consistently contributed
good margin and growth in
performance.
“A number of sizeable
construction tenders has
been submitted and we
are cautiously optimistic to
secure some to replenish
our order book which
currently stands above RM1
billion,” it said.