KSL to start work on RM2b city mall in Klang by year-end

KUALA LUMPUR: KSL Holdings Bhd expects to start work on KSL City Mall 2, set to be one of the largest malls in Klang, by year-end.

The property developer said on Tuesday the mixed development with a total gross development value of RM2bil, comprises of a mall, hotel and service apartments.

It added that the mall will have a total area of  two million square feet, a 400-room hotel and three blocks of service apartments. Completion date is 2018.

KSL Holdings chairman Ku Hwa Seng said on Tuesday the group aims to replicate its existing development in Johor Bahru.

He said this integrated development would cater to an expanding population in Klang, which stood at 1.2mil in 2014.

He said KSL City Mall 2 was not just an economic development for Klang but also a natural progression for the company, following the building of its township of Canary Garden at Bandar Bestari.

The KSL City Mall 2 would be accessible via major highways such as the South Klang Expressway and KESAS Highway. It is also expected to benefit from the anticipated completion of Light Rail Transit (LRT) phase 3 in 2020.

Going forward, Ku expects the mall to strengthen the group’s existing investment properties segment.

“Currently, our property investment segment contributes 20% to the group’s revenue and we anticipate that this will eventually grow to 30%. This would boost our recurring income stream and broaden our revenue sources,” he said.

KSL declared a final single tier dividend of 5sen per share for financial year ended Dec 31, 2014, which will be paid Aug 7, 2015.

“Together with the earlier paid interim dividend of 5sen per share, the board has declared total dividends of 10 sen per share in respect of FY2014,” KSL added.

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