KUALA LUMPUR (Sept 28): PPB Group Bhd’s property division has on Wednesday (Sept 28) unveiled the Megah Rise Mall, a new community-centric neighbourhood mall in Petaling Jaya, Selangor.
PPB Properties, under PPB Hartabina Sdn Bhd, said in a statement that the four-level retail space has approximately 100 outlets, totalling 142,000 square feet (sq ft) of net lettable area, and is slated to open to the public in December this year.
About 40% of its net lettable area is dedicated to food and beverage outlets, it said. The mall also has a 13,584 sq ft air-conditioned multi-purpose sports hall to cater to recreational sports activities.
PPB Properties said the mall, part of a 39-storey mixed development that includes a residential tower, will be anchored by premium grocer Village Grocer and badminton centre Michael’s Badminton Academy.
The group’s Megah Rise Residensi, which sits on a 3.36 acre plot with 228 residential units, is the only high-rise residential building in the neighbourhood.
“The completion of Megah Rise marks another important milestone in PPB Properties’ 40 years of history. This reflects our continuous efforts of building developments that can contribute, improve and add value to the communities,” said PPB Properties chief executive officer Low Eng Hooi.
“Megah Rise will be managed by our experienced retail management team and we are committed to ensuring this retail space continues to thrive as the latest landmark in Petaling Jaya. We hope Megah Rise will elevate the socioeconomic landscape of the neighbourhood,” he said.
In August, when PPB Group announced its financial results for the second quarter ended June 30, 2022 (2QFY22), the company said its property segment saw revenue doubling to RM47 million from RM23 million, contributed by new sales and progressive profit recognition of the Megah Rise development project.
Moving forward, the group is expecting increased footfall in its malls, with performance of its property segment to be satisfactory.
PPB Group’s share price dipped 32 sen or 1.94% to close at RM16.14 on Wednesday, valuing the group at about RM22.96 billion.