Singapore retailer Mustafa buys a part of JB mall, goals to open first flagship retailer in Malaysia

SINGAPORE: Properly-known Singapore retailer Mustafa is making its first strikes into the Malaysian market, after securing retail house in a Johor Bahru mall.

Mustafa, which operates its flagship 24-hour Mustafa Centre in Singapore’s Little India district, will buy 591 unsold retail items in Capital Metropolis Mall, mentioned the mall’s mum or dad firm Capital World on Friday (Jan 27).

The RM368 million (about S$114 million) deal additionally consists of 374 accent parcels, comprising alfresco and multipurpose areas and all 2,181 automotive park tons.

With most pandemic restrictions lifted, Mr Mustaq Ahmad, Mustafa’s managing director, mentioned the timing was proper for his firm to enter the Malaysian market.

“One in all our key challenges till now has been discovering an acceptable website,” he mentioned. 

“Capital Metropolis Mall meets most of the necessities for our first flagship retailer in Malaysia, given its shut proximity to Singapore, ample ground space and preferrred ground plates.”

The 11-storey Capital Metropolis Mall, which was accomplished in April 2018 and opened in October of the identical yr, is situated within the Tampoi suburb, round a 15-minute drive from the Johor Bahru checkpoint.