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Genting, Chelsea sign MOU on Premium Outlets

 


January 24, 2008

MALAYSIA/PROPERTY
Genting, Chelsea sign MOU on premium outlets

Malaysia’s Genting Berhad on Tuesday said that it has signed a memorandum of understanding (MOU) with Chelsea Property Group, a division of US-based Simon Property Group, Inc., to jointly study the establishment of Premium Outlets branded centers in Malaysia.

They will conduct a feasibility study on a proposed site in Kulai in the southern state of Johor, owned by a subsidiary of Genting, during the first half of 2008, the Malaysian casino operator said in a statement.

It said Genting and Chelsea have formed a working group and will share resources in conducting the study.

The MOU envisions the establishment of a formal joint venture to develop Premium Outlet Centers at multiple locations in Malaysia.

"Further announcements will be made on the ownership structure and development plans of the joint venture after the completion of the joint study," the statement said.


Chelsea is the world's largest developer, owner and operator of outlet shopping centers, with interests in 46 Premium Outlet Centers located in the United States, Japan, South Korea and Mexico.

Sales at Premium Outlet Centers worldwide exceeded US$8 billion in 2007.

Commenting on the MOU, Justin Leong, Genting's Head of Strategic Investments & Corporate Affairs said, "We believe that such projects will further enhance Malaysia as a top regional tourism shopping destination."


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