JOHOR BARU: The RM6 billion Mid Valley Southkey integrated development is expecting more than two million shoppers a month when it opens its doors for business.
IGB Corp Bhd group managing director Robert Tan said the first phase of the development, which will cover 14.74ha and include the shopping mall, is scheduled to be completed in the last quarter of 2016.
Speaking at a press conference after the ground breaking here yesterday, Tan said the mega project will take 12 years to be fully completed.
It will comprise eight 30-storey tower blocks featuring three hotels - Cititel Johor Baru with 675 rooms, Boulevard Hotel (450 rooms) and The Gardens Hotel (450 rooms).
There will also be four office blocks and a 180-unit serviced apartment.
The megamall will have six levels, of which two are basement. There will be elevated floors reserved for parking, with a total of 8,923 bays.
Tan said the project will be like the Mid Valley City (MVC) in Kuala Lumpur, but about 30 per cent smaller in size.
However, it will be an improved version of the MVC as IGB, which is the owner and operator of the MVC, has incorporated lessons learnt from managing a development of such scale.
"MVC KL has about three million shoppers a month, which is 36 million shoppers a year," Tan said.
The project is a joint venture with Selia Pantai, with IGB holding a 70 per cent stake and Selia the rest.
"We have yet to decide whether we will include The Gardens in the first phase of the development," he said.
Also present was Selia Group chief executive officer Datuk Mohamed Zaini Amran.
Tan said the strategic location of the mall will be a huge draw for shoppers, especially Singaporeans who will be attracted by the currency exchange rate. The mall is a five-minute drive from the Customs and Immigration Quarantine Complex here, and is accessible via Jalan Tebrau, Jalan Bakar Batu and the Eastern Dispersal Link.
The shopping mall, which will have about 350 to 400 tenants in the first phase, has yet to sign on an anchor tenant.
The integrated retail and commercial development is IGB's first foray into Johor and it is touted to be the biggest in the state to date.