Construction begins on RM200m Genting Premium Outlets

PETALING JAYA: Genting Simon Sdn Bhd, a joint venture (JV) of Genting Group and Simon Property Group has started construction work on the RM200 million Genting Premium Outlets, to be completed by the fourth quarter of 2016.
The first South East Asia's hilltop Premium Outlet Centre that is situated at Genting Highlands Resort within the East Coast Economic Region will be operated by Genting Simon.
Genting Simon is a wholly owned subsidiary of Simon Genting Ltd, a 50:50 JV between Genting Plantations Bhd and Premium Outlets, the outlet division of Simon Group.
Simon Group is engaged in retail real estate ownership, management and development across North America, Europe and Asia.
"Its strategic location within Genting Highlands will allow Genting Premium Outlets to leverage and also further enhance Genting Highlands' attraction as a major tourist and holiday destination that draws about 20 million visitations annually," Tan Sri Lim Kok Thay, chairman and chief executive of Genting Group said in a statement yesterday.
"We hope to further cement Malaysia's position as South East Asia's shopping heaven and a preferred investment destination for retail and real estate that has the potential of generating high growth," he added.
The 85th Premium Outlet Centre in the Premium Outlets' portfolio, will offer a gross leaseable area of approximately 300,000 sq ft that will house 150 designer and brand name stores and 4,000 parking bays for cars and buses.
Genting Premium Outlets is a key component of the Genting Integrated Tourism Plan, a 10-year development, expansion, enhancement, refurbishment and infrastructure master plan; an illustration of private sector participation under the Economic Transformation Programme.
Genting Premium Outlets is well connected to the capital city, with approximately 45 minutes drive from Kuala Lumpur and within 1.5 to 2 hours drive from Ipoh, Kuantan and Seremban via the North-South Expressway and Karak Expressway.