Uni-President Group promoting Asia's largest shopping mall
Nov 05, 2003 Ι Industry In-Focus Ι General Items Ι By Judy, CENS
Taipei, Nov. 5, 2003 (CENS)--Uni-President Group (UPG), one of Taiwan's conglomerates, yesterday officially promoted its projected 'Dream Mall' to the public. The project represents the group's official venture into the local shopping mall market.
With more than five years of efforts in legalizing the use of the land, the UPG finally broke ground for the mall in August of 2001 in Kaohsiung, a harbor city in southern Taiwan, with completion slated for the end of 2005. With a total floor area of around 120,000 pings (1 ping = 36 sq/ft), the mall will be twice as large as the Core Pacific City, currently Taiwan's largest shopping mall and also the largest in Asia.
To establish such a huge mall, the UPG-led investment group has so far funneled some NT$17.3 billion (US$508.8 million at US$1 = NT$34) into the project, and the total investment capital is estimated to reach NT$30 billion (US$882.5 million). Major investors are all UPG's affiliates, namely, Uni-President Enterprise Corp., President Securities Corp., President International Investment Corp., and Tung Li Development Corp. In addition, the group's two major shareholders--Tainan Enterprises Corp. and Prince Housing Development Corp. are also participating in the project.
C. Y. Kao, UPG's vice Chairman and CEO, is the mastermind of the entire program and will head the administrative committee of the mall. Moreover, some of the world's prestigious consulting firms are also invited to join as advisors, including the U.S.-based building design firm--RTKL, Japan-based administration consulting company--Satoria, Hong Kong-based real estate development firm--CB Richard Ellis, and etc.
The conditions offered by "Dream Mall" are comparatively advantageous to those interested in stationing in the mall. For instance, those intending to rent shopping areas will be free of down payment and be able to use well-established public facilities. Currently more than 50% of the areas have been booked; and those that have decided to move in include Takashimaya Department Store, Carrefour Hypermart, Leofoo Wonder World, Starbucks, Cosmed, Watson's in addition to 3C stores, bookstores, furniture stores, boutiques, and theaters.
With more than five years of efforts in legalizing the use of the land, the UPG finally broke ground for the mall in August of 2001 in Kaohsiung, a harbor city in southern Taiwan, with completion slated for the end of 2005. With a total floor area of around 120,000 pings (1 ping = 36 sq/ft), the mall will be twice as large as the Core Pacific City, currently Taiwan's largest shopping mall and also the largest in Asia.
To establish such a huge mall, the UPG-led investment group has so far funneled some NT$17.3 billion (US$508.8 million at US$1 = NT$34) into the project, and the total investment capital is estimated to reach NT$30 billion (US$882.5 million). Major investors are all UPG's affiliates, namely, Uni-President Enterprise Corp., President Securities Corp., President International Investment Corp., and Tung Li Development Corp. In addition, the group's two major shareholders--Tainan Enterprises Corp. and Prince Housing Development Corp. are also participating in the project.
C. Y. Kao, UPG's vice Chairman and CEO, is the mastermind of the entire program and will head the administrative committee of the mall. Moreover, some of the world's prestigious consulting firms are also invited to join as advisors, including the U.S.-based building design firm--RTKL, Japan-based administration consulting company--Satoria, Hong Kong-based real estate development firm--CB Richard Ellis, and etc.
The conditions offered by "Dream Mall" are comparatively advantageous to those interested in stationing in the mall. For instance, those intending to rent shopping areas will be free of down payment and be able to use well-established public facilities. Currently more than 50% of the areas have been booked; and those that have decided to move in include Takashimaya Department Store, Carrefour Hypermart, Leofoo Wonder World, Starbucks, Cosmed, Watson's in addition to 3C stores, bookstores, furniture stores, boutiques, and theaters.
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