Negotiating with the owners of the empty retail units is difficult because of” legacy issues ,” according to Mr. Hoo, who claimed to be serving as a specialist for Mustafa’s international investments in Malaysia. & nbsp,
” They bought these units far higher, believing they could obtain a return of 7 %( of the sale profit of the products ), but you know the store industry is unable to support the higher rental. These men have been misrepresented, he continued.
Mr. Hoo continued by saying that the difficulties are also a result of upgrades and renovations being done to make the mall” functional.” & nbsp,
” When Mustafa and I visited the store, we wanted to improve the load port and ensure that the weights could maintain and fill large objects. We essentially need to enhance the building’s( functionality ), Mr. Hoo said. & nbsp,
When contacted by CNA, Mustafa Centre’s co-founder and managing director mustaq Ahmad confirmed that the goal was to start the business’ lineup departmental store in Johor Bahru by the end of 2024. & nbsp,
According to Mr. Mustaq,” The( progress ) is nothing yet, we are still planning and deliberating, it will take time.” & nbsp,
The goal of launching in the end of 2024 is still being worked toward. He continued,” We’ll see how it goes. & nbsp,
Mr. Mustaq avoided discussing the details of his negotiations with some of the Capital City Mall’s remaining financial tenants.
The number of more retail spaces Mustafa wants to book in Capital City Mall was also not specified by Capital World or Mr. mustaq. & nbsp,
According to Ms. Cassia Sia, director of the store’s creator Capital City, Mustafa needs more financial space as the anchor tenant so that it can set up the store however it wants. & nbsp,
She said,” For example, Mustafa may already have 60 % of the retail area on the first floor, but it wants to rent the remainder so it can work across the entire floor and better organize it.” & nbsp,
It’s now past September, but we had hoped to restart the plaza this year. Therefore, she continued,” We need to carry out our program, make minor adjustments to the area so that it is set by Q4 next year, in time for the year-end holiday season. In addition, & nbsp,
To speak with the level subject owners negotiating with Mustafa, CNA has also contacted the management of Capital City Mall. & nbsp,
About a 15-minute travel from the Johor Bahru checkpoint is the 11-story Capital City Mall, which was finished in April 2018 and debuted in October of that same year.
Additionally, it is a piece of Tampoi’s property integrated growth, which spans three blocks and has 315 rooms, an 18-story tower, and 690 serviced apartments.
Some of the shops were still under construction when CNA went to the store last year. & nbsp,