SEB Asset Management announces that it has partnered with a leading Malaysian developer to undertake the development of an open concept retail precinct named CITTA. It is located at the upmarket Saujana/Ara Damansara neighborhood and opposite the prestigious Japanese International School, which is the largest international school outside of Japan.
"As long term and globally oriented investors, we are happy to expand our real estate portfolio through this joint-venture project in Malaysia," said Mrs. Barbara Knoflach, Chief Executive Officer of SEB Asset Management AG in Frankfurt. "Teaming up with major local players is key to successfully investing on an international scale," adds Mr. Choy-Soon Chua, Managing Director for real estate investments for SEB Asset Management.
"We are delighted to partner SEB Asset Management, a global real estate player with a strong reputation in Asia. It shows SEB's confidence in us and Malaysia," said Mr Mah Siew Sian, the Malaysian partner to SEB. Mr. Mah Siew Sian is the founder of the Puncakdana Group which has successfully completed almost RM500 million of residential and commercial projects in the Klang Valley, since its inception in 1995. Today Puncakdana has over RM1.2 billion of commercial and residential developments in the pipeline.
"CITTA will be the next benchmark for retail development in the Klang Valley. Retail trends worldwide have shown that customers as retailers are looking for something different. Mall fatigue is evident since there are so many of the same type of enclosed boxed up malls within the Klang Valley. CITTA with its open concept, green landscapes and large surface and basement carparks will certainly meet with expectations," said Mr Allan Soo, Managing Director of Regroup Sdn Bhd the lead retail consultant for CITTA.
Source: SEB Asset Management