IGB Corporation (Shopping Malls)

If you have heard of Mid Valley Megamall and The Gardens Mall, of course you will link it to IGB Corporation. IGB Corporation (IGB) is the country's leading landlord with valuable portfolio of prime investment properties.

What are under the portfolio of IGB Corporation?
 They own development properties and investment properties (2.6mil sq.ft retail, 2.2 mil sf office and hotels).

IGB Corporation
This is a blue chip developer / landlord with an impeccable execution track record in creating value for its landbank. Mid Valley Megamall and The Gardens Mall are held under KrisAssets Bhd., while the office and hotel assets are housed under IGB Corporation. Mid Valley is an integrated mixed-use development comprising retail, office, residential and hospitality properties, built on a 50-acre piece of prime land.

Market Value of Mid Valley Megamall and The Gardens Mall
According to the AmResearch Sdn. Bhd, 6 Jan 2012, The total market value of these 2 malls are RM4bil @ RM1,538psf.

• Mid Valley Megamall with the NLA of 1.65mil sf, is the crown in the jewel, consistently having 100% occupanycy with the average rental of RM10psf, reflecting the NOI of RM170mil to RM200mil a year.
• The Gardens Mall 834ksf, having the occupancy of 98% at the rental of RM9.50psf.

Net Book Value of Mid Valley Megamall and The Gardens Mall
According to the AmResearch Sdn. Bhd, 6 Jan 2012, The total net book value of these 2 malls are RM2.82bil

We could see there is a strong traffic growth on these 2 retail malls when the KL Eco City are ready. The RM6bil KL Eco City would definitely provide further catalysts for the retail market in Mid Valley City.

A summary on other assets of IGB will be provided in next article.