Lion Property & Parkson In Launch Of 1st Avenue and Anchor Tenancy Agreement

Parkson Chief Operating Officer, Mr Toh Peng Koon (left) and Mr Bernard Loh, Director-Portfolio Management of Pramerica Real Estate Investors (Asia) Pte Ltd signing the Anchor Tenancy Agreement on behalf of Parkson and 1st Avenur respectively, witnessed by (standing from 2nd left to right) Dato' Sonny Ho, Managing Director of Belleview Group, YAB Tuan Lim Guan Eng, Ms Victoria Shigehira Sharpe, CEO of Pramerica; and Mr Lionel Cheng, Lion Property Division Executive Director.

Our Property Division together with Asian Retail Mall II Limited and Belleview Group are jointly developing 1st Avenue, Penang’s highly anticipated city centre retail mall located in the heart of Georgetown on Magazine Road in Penang. The mall is expected to open in the third quarter of 2010.

The official launch of 1st Avenue Mall on 3 November 2009 was witnessed by the Chief Minister of Penang, YAB Tuan Lim Guan Eng. The event also saw the Signing of Anchor Tenancy Agreement between Parkson Corporation and 1st Avenue Mall, which confirms Parkson as the anchor tenant of the mall.

Model of 1st Avenue Mall coming up in Georgetown, Penang.

The brand new Parkson department store which will be known as Parkson 1st Avenue will occupy 92,233 sq ft of retail space over 4 floors from the ground to the 3rd floor. It will house a fully international branded beauty hall, with floors dedicated to Women’s and Men’s fashion from apparel to accessories; children wear and home furnishing. Parkson 1st Avenue will complement the product offerings of existing outlets on the island and will provide a bigger variety, catering to a wider segment of consumers, Penangites and tourists alike.

The opening of this new Parkson Department Store at 1st Avenue Mall will create employment opportunities for about 350 people in Penang.

"1st Avenue Mall is being conceptualized, developed and managed by a group of people that have a lot of experience and understanding of the Malaysia retail industry. Coupled with its prime city location, I am confident that 1st Avenue Mall will be among the best shopping centers in the region when it opens its doors to the consumers" said Parkson’s Chief Operating Officer, Mr Toh Peng Koon.