Berjaya Times Square sells RM900 mln of properties at complex

By Thomas Soon, 8.27pm

Berjaya Times Square Sdn Bhd has sold about RM900 million worth of properties at its newly opened shopping mall cum leisure complex in Jalan Imbi, Kuala Lumpur.

Its chairman Tan Sri Vincent Tan said the company had set aside about 40 per cent of the retail space and service suites for sale.

"About 70 per cent (of the properties set aside for sale) have been sold to the value of RM900 million," he told reporters on Sept 29 after Berjaya Times Square's opening by Prime Minister Datuk Seri Dr Mahathir Mohamad.

According to its press statement, Berjaya Times Square said the project's total development value amounted to RM2.50 billion, with properties valued at RM1.30 billion for sale.

Tan said about 80 per cent of the shopping mall's retail space had already been rented out. He expected the rest of the retail space to be rented out in between six and nine months.

He expected sales and rental income of over RM25 million in the current financial year ending April 30, 2004. To a question, Tan said it would "take a long time" for him to recoup his investments.