Setapak Central

Coordinates: 3°12′13.90″N 101°43′15.6″E / 3.2038611°N 101.721000°E / 3.2038611; 101.721000

Setapak Central
Location Kuala Lumpur, Malaysia
Opening date 20 October 2011 as KL Festival City
5 October 2015 as Setapak Central
Developer Parkson Holdings
(2011 - 2014)
AsiaMalls Sdn Bhd
(2014 - present)[1]
Owner Parkson Holdings
(2011 - 2014)
AsiaMalls Sdn Bhd
(2014 - present)[1]
Total retail floor area 487,342 sq ft[2]
No. of floors 3[2]
Website Official website

Setapak Central, previously known as KL Festival City, is a shopping mall located along Jalan Genting Klang in Kuala Lumpur, Malaysia. It is situated in Danau Kota, a township in Setapak.

History

KL Festival City, as it is known previously, was constructed on an 8 acres land at a cost of RM 215 million by Parkson Holdings (PHB) and officially opened its doors on 20 October 2011 with the grand opening held on 9 March 2012.[3] The opening of KL Festival City also marks a new milestone for PHB with its entry into shopping mall management.[4] Since then, it has become a new landmark at Jalan Genting Klang and popular spot amongst students and families from nearby colleges and neighbourhoods.[5]

In August 2014, PHB announced the disposal of KL Festival City for RM 349 million cash as the mall was deemed too small for Parkson's expansion plan to construct premium shopping malls with a net lettable area of 1 million sq ft.[2] In a statement to Bursa Malaysia, Parkson said the disposal would result in a gain of about RM 110 million. Under the sales and purchase agreement, PHB agreed to sell KL Festival City to Festiva Mall Sdn Bhd, which is wholly owned subsidiary of AsiaMalls Sdn Bhd.[1] On 5 October 2015, the mall officially changed its name to "Setapak Central" as it seeks to create "an engaging shopping and lifestyle experiences in the Setapak neighbourhood".[6][7] Apart from that, the retail philosophy of Setapak Central is "to have a good enough mall for the people of Setapak so they need not drive to Kuala Lumpur".[8]

References

  1. 1 2 3 "Parkson unit sells KL mall for RM349mil". The Star. 20 August 2014. Retrieved 1 November 2015.
  2. 1 2 3 "PARKSON HOLDINGS BERHAD - Disposal of KL Festival City Mall". investor.com. 20 August 2014. Retrieved 1 November 2015.
  3. ↑ "Parkson Holdings - Opening New Mall in Melaka". investor.com. 4 September 2012. Retrieved 1 November 2015.
  4. ↑ "Lion Today - Vol. 24 No.2" (PDF). Parkson Holdings. 1 March 2012. Retrieved 1 November 2015.
  5. ↑ "Jalan Genting Klang's proximity to city makes it popular for development". The Star. 31 July 2014. Retrieved 1 November 2015.
  6. ↑ "Setapak Central's Facebook statement". Setapak Central. 4 October 2015. Retrieved 1 November 2015.
  7. ↑ Setapak Central's official website
  8. ↑ "Fresh start for mall in Setapak". The Star Online. 9 November 2015. Retrieved 29 November 2015.

External links

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