The Singaporean retailer Mustafa has purchased 591 unsold retail units in Johor Bahru’s shopping Mall Capital City Mall from Capital World for RM368M.
The net lettable area of the purchase is 641,216sq ft and the business will also acquire 374 accessory parcels, which include alfresco and multipurpose areas spanning a total of 1.28 million square foot and all 2,181 car park lots.
“Having established ourselves in Singapore as a mega one-stop retail store for everything from fast-moving consumer goods to fashion, cosmetics and electronics, we believe the time is ripe for us to get into Malaysia, more so now that pandemic restrictions are out of the way,” said Mustaq Ahmad, MD at Mustafa.
