KUALA LUMPUR: Paradigm Mall Johor Baru (JB), the largest regional mall in Johor, is set to open its doors in November this year.

Datuk Lee Tuck Fook, group managing director of WCT Holdings Bhd (owner and developer of Paradigm Mall), said the take-up rate for the mall's 1.3 million sq ft of net lettable space had reached over 75% to-date.

"Suffice to say that Paradigm Mall JB is developed as part of an integrated development combining commercial, retail, residential and hospitality to set a new benchmark in terms of retail and lifestyle development in the southern region," he said at the unveiling of the mall's retail brands in Kuala Lumpur on Wednesday. 

The mall, which has a gross development value (GDV) of about RM1bil and built-up area of two million sq ft, will have Parkson, a leading Asia-based department store operator, as its main tenant, taking up 200,000 sq ft of space. 

This also marks Parkson's first regional store in the southern part of Peninsular Malaysia.

Lee said master composition of the development would also consist of a proposed 24-storey serviced apartments with a GDV of RM150mil to RM200mil and a proposed 296-room four-star hotel with a GDV of RM100mil.

WCT Malls Management Sdn Bhd retail chief executive officer Serena Chua said the mall would also feature many firsts in Johor, such the first premium supermarket namely Village Grocer, the largest Golden Screen Cinemas, first Camp5 indoor climbing gym and the first indoor skate park in Malaysia.

"It is conveniently accessible from Johor Baru city, Iskandar Malaysia and Singapore," she said, adding the company had targeted full occupancy for the mall by 2018 as it was careful in its selection of tenants.

"For the remainder, we are looking at smaller-sized tenants which are mostly Malaysian-owned in the food and beverage business," Chua said.

Meanwhile, Datuk Joyce Yap, chief executive officer (retail) of Kuala Lumpur Pavilion Sdn Bhd, the retail manager of Paradigm Mall, said the mall, which comprises six floors with 500 retail lots, has over 200 tenants currently, out of which domestic tenants constitute 80% to 85%.

"In my opinion, the retail market segment is doing well and can excel as long as businesses keep their focus and relevance, find their niche and go further on market research especially on their target market and channel, apart from continuous promotional activities," said Yap. - Bernama