Mustafa, known for its namesake 24-hour mall in Singapore, will purchase 591 unsold retail units in Johor Bahru's Capital City Mall.
SINGAPORE: Well-known Singapore retailer Mustafa is making its first moves into the Malaysian market, after securing retail space in a Johor Bahru mall.
The RM368 million deal also includes 374 accessory parcels, comprising alfresco and multipurpose areas and all 2,181 car park lots. The 11-storey Capital City Mall, which was completed in April 2018 and opened in October of the same year, is located in the Tampoi suburb, around a 15-minute drive from the Johor Bahru checkpoint.It is also part of a freehold integrated development in Tampoi which includes a 315-room hotel, an 18-storey tower with 630 serviced suites, and 690 serviced apartments across three blocks.
The mall is expected to reopen in the second half of 2023 after closing in February 2020 due to financial difficulties, said Capital World.
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