Premium factory outlet centre, as part of the Iskandar Malaysia project, targets to attract about four million visitors annually.
[File photo: Malaysia's Prime Minister Datuk Seri Najib Tun Razak (third from left) visiting the Iskandar Malaysia project in Southern Johor on May 21]
NEW YORK - Malaysia is set to become a shopping paradise with the opening of a world class premium factory outlet centre that is targeted to attract about four million visitors annually.
Datuk Seri Najib Tun Razak said the project, a joint venture between Chelsea Premium Outlets and Genting Group, would be developed in Johor as part of the Iskandar Malaysia project.
The Prime Minister had a discussion with representatives from the Chelsea Property Group here on Monday and was informed the project was now on track, with construction expected to take off early next year and scheduled for completion by mid-2011.
Chelsea Premium Outlets is owned by Chelsea Property Group, which is the world's largest owner, developer and operator of upscale outlet centres in the United States, Japan and South Korea.
"It is the first (Chelsea) centre in the (Asean) region and I’m very happy that they have chosen Malaysia," Najib said, adding that he understood other countries in the region had been trying to woo the Chelsea Group to set up the centre.
Its centre in New York – Woodbury Common – lures millions of shoppers to its discounted items of designer brands like Coach, Gucci, Zegna, and Burberry. Items, which are a season old and are between 25 and 60 per cent cheaper.
Najib, however, said there was a slight delay in the Malaysian project earlier as the Chelsea Group had wanted to regroup its finances during the economic crisis. "Now that they have done so, they’ve got additional reserves for the project."
He was confident that the centre would not only boost the tourism industry but also spin off secondary business and economic activities for supporting industries.
On the proposed Goods and Services Tax (GST) to replace sales and service taxes, Najib said the Cabinet had decided that the Bill be presented at the end of the Parliament session for first reading.
"This will allow the public to make their comments. If we find it necessary to fine-tune, we will fine-tune.
"We will announce the rate later. It will not be a burden to the poor or even the middle class."
-The Star/Asia News Network
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