Capitamalls Malaysia Trust has
entered into a project management agreement with CapitaLand Retail Malaysia Sdn
Bhd (CRM) for the asset enhancement initiative (AEI) works to the East Coast
Mall in Kuantan.
AEI works is amounted to RM43.3
million and CRM will receive a fee of 3% of the final contract sum of the
works. The related party transaction, expected to be completed by
fourth-quarter 2014, this will create additional retail space and enhance the
mall’s retail offering.
The AEI works will include the
reconfiguration of space in order to improve the trade mix and sightlines, conversion
of car park bays at Level 3 into retail space and the extension of the alfresco
area on the ground floor.
