Just a week shy of reaching its one year anniversary, Pavilion Bukit Jalil is reportedly being sold for RM2.2 billion.
According to The Star, Pavilion Real Estate Investment Trust (Pavilion-REIT) has proposed to acquire Pavilion Bukit Jalil Mall (PBJ) from Regal Path Sdn Bhd for the aggregate purchase.
In a filing with Bursa Malaysia yesterday, it said Regal Path will dispose of one block of five-storey retail mall with two basement car park levels located within Bukit Jalil City, Kuala Lumpur, together with the related assets and rights.
In addition, Pavilion-REIT will also acquire additional moveable assets required for the operations of PBJ Mall which include laptops, buggies and mobile elevating work platforms (ancillary purchases).
“The purchase consideration for the ancillary purchases will be based on the total net book value of the assets as at the completion date.
“As at the latest practicable date, the total net book value of these assets is about RM3.4mil,” it said.
When it first opened in 3 December 2021, the mall was set to be the largest fully integrated regional lifestyle mall in the Southern Corridor. It spans five retail floors with a total of 1.8 million square feet of retail space.
Malton Berhad, Regal Path’s joint venture company, reassured that the purchase of the mall will not result in the establishment being listed as a PN17 company; a failing company that reaches certain criteria categorised by Bursa Malaysia.
It’s important to remember that just because a large landmark is being purchased, doesn’t mean it wasn’t successful. In fact, it holds more value as an investment and becomes more attractive to buyers in a profitable sense.
Though if you ask me, I haven’t visited the mall myself so I wouldn’t know how well the shopping experience is first hand.
In other mall news, earlier this week we covered e-Curve and how the one-adored shopping complex will be turned into a yet another high-rise apartment – such is the fate of many forgotten haunts.