Thursday, November 26, 2009

New Shopping hub in Johor - Genting and Chelsea Premium Outlets

Malaysia is set to become a shopping paradise with the opening of a world class premium factory outlet centre that is targeted to attract about four million visitors annually.

Datuk Seri Najib Tun Razak said the project, a joint venture bet-ween Chelsea Premium Outlets and Genting Group, would be developed in Johor as part of the Iskandar Malaysia project.
The Prime Minister had a discussion with representatives from the Chelsea Property Group here on Monday and was informed the project was now on track, with construction expected to take off early next year and scheduled for completion by mid-2011.
Chelsea Premium Outlets is owned by Chelsea Property Group, which is the world’s largest owner, developer and operator of upscale outlet centres in the United States, Japan and South Korea.
“It is the first (Chelsea) centre in the (Asean) region and I’m very happy that they have chosen Malaysia,” Najib said, adding that he understood other countries in the region had been trying to woo the Chelsea Group to set up the centre.
Getting together: Najib (right) dining with American fund managers in New York yesterday. Also present is CIMB Group CEO Datuk Seri Nazir Tun Razak (fourth from right). — Bernama
Its centre in New York – Woodbury Common – lures millions of shoppers to its discounted items of designer brands like Coach, Gucci, Zegna, and Burberry. Items, which are a season old and are between 25% and 60% cheaper.
Najib, however, said there was a slight delay in the Malay-sian project earlier as the Chelsea Group had wanted to regroup its finances during the economic crisis. “Now that they have done so, they’ve got additional reserves for the project.”
He was confident that the centre would not only boost the tourism industry but also spin off secondary business and economic activities for supporting industries.
On the proposed Goods and Services Tax (GST) to replace sales and service taxes, Najib said the Cabinet had decided that the Bill be presented at the end of the Parliament session for first reading.
“This will allow the public to make their comments. If we find it necessary to fine-tune, we will fine-tune.
“We will announce the rate later. It will not be a burden to the poor or even the middle class.”

Source : STAR
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