07/12/2022
I-City had the pleasure of meeting-up with Ms Wallaya Chirathivat, President & CEO of Central Pattana PCL of Thailand (“Central Group”) at i-City yesterday.
The Central Group is Thailand’s No. 1 shopping centre and retail developer controlled by the Chirathivat family, among the richest in Thailand. The Central Group is a market pioneer in developing Thai retail and commercial properties and currently holds the largest market share of net leasable area.
The Central Group has a 60% stake in Central i-City Mall whilst I-Berhad Group holds the balance 40% stake via the Joint Venture (“JV”) Company, Central Plaza i-City Real Estate. The Central i-City Mall is Central Group’s first international mall foray outside Thailand. i-City was selected as it was the best location in Malaysia being the leading property development cm tourism destination. According to Ms Wallaya, i-City’s development plans was well thought out.
In July 2013, the I-Berhad Group signed the Joint Venture and Shareholders Agreement with the Central Group for the development of the Central i-City Mall. This joint venture would not have been possible without the support of the Selangor State Government. The then late Menteri Besar, Tan Sri Khalid Ibrahim even brought the Selangor State EXCO to Thailand to meet-up with the Central Group in October 2013. This support then led to the subsequent ground breaking ceremony for the Central i-City Mall that was officiated by the Selangor Senior State Exco, Dato’ Teng Chang Khim in 2016.
In addition, DYMM Sultan Selangor, Sultan Sharafuddin Idris Shah’s conferment of i-City as an International Zone, together with the State Government’s declaration of i-City as an International Park in 2008, had enabled i-City to become a truly prestigious international investment location. It paved the way for foreign investors such as the Central Group to further strengthen and consolidate the State’s position as the most industrialised and developed State in Malaysia.
I-City’s signing of the Management and Development Agreement with the Selangor State Government and MBSA in 2011 had further fortified its success in forming strategic alliances with leading global companies such as Hilton Worldwide, Best Western International and Maybank and to be a role model for future developments in Selangor.
The Central i-City Mall located within i-City Finance Avenue commenced operations in 2019. It today has a 86 % occupancy rate and is on route to become the top shopping destination in the Western part of the Klang Valley.
