Key Points
- YTL Starhill Global has announced the asset redevelopment of Starhill Gallery in Kuala Lumpur, Malaysia.
- The asset redevelopment of Starhill Gallery will inject a new level of vibrancy and excitement to the retail scene in Kuala Lumpur.
- Expected to complete by 2Q 2011, the asset redevelopment will create an additional net lettable area of approximately 8,100 square feet.
- The rejuvenated Starhill Gallery will offer increased visibility of store fronts and an enhanced range of luxury merchandise, in particular the watch and jewelry brands.
- The new façade will give Starhill Gallery an iconic presence on Bintang Walk, emerging as a freshand distinctive luxury shopping destination for high-end shoppers.
- The Starhill Gallery asset redevelopment is expected to incur capital expenditure of about RM25 million or S$10.4 million and generate an additional NPI of approximately RM1.7 million or S$0.7 million per annum, representing a ROI of approximately 7.0%.
- The cost of the asset redevelopment works will be funded from the remaining proceeds of the rights issue by Starhill Global REIT completed in 2009 and/or working capital.