Boustead, Ikano in JV for Cheras shopping mall

Boustead Holdings Bhd and Ikano Pte Ltd will open their second shopping mall together at Jalan Cochrane, Cheras.

The 1.1 million Sq ft project, MyTOWN Shopping Centre will have a Parkson department store, five floors of retail space, a landscaped park and garden outside and event spaces.

The retail portion will have a gross development value of about RM2bil while the residential portion, 3 blocks above the mall, will have a GDV of RM1bil.

Ikea and Parkson will be the anchor tenants.

Construction is under way and it is expected to be completed by the fourth quarter of 2016.

Boustead owns over 50 acres of land in the Cochrane area which it is planning to develop.

Amongst its other developments are a residential tower and office towers. These projects are separate from the MyTOWN development. - By The Star