The uncompleted development along LDP near to Mutiara Damansara, Empire City is about to get further boost with investment partner Rubberex Corporation. The glove maker together with current management of Alliance Premier Sdn Bhd, EXSIM Holdings Sdn Bhd and JT Momentum Sdn Bhd will be involved in the development and operation of Empire City Mall that is currently being constructed.
Rubberex has entered into a conditional Subscription Agreement with Alliance Empire Sdn Bhd for the subscription of shares in the company representing 20% equity interest at RM180.0 million, to be fully satisfied in cash. According Executive Director, Mr. Lim Chee Lip the diversification exercise comes at a time when the rubber glove industry’s outlook seems to be waning from its peak of supernormal profits and sky-high average selling prices towards normalisation.
Once completed, Empire City Mall will have a net lettable area of approximately 1.7 million sq. ft., including a total of 8,572 carpark bays in its vicinity. It is strategically located within the bustling Petaling Jaya city centre and is surrounded by established townships with high traffic catchment (such as Petaling Jaya, Damansara Perdana, Damansara Utama, Kota Damansara, Taman Tun Dr Ismail, Mont Kiara, Damansara Damai, Bangsar and Kepong), public amenities and it is easily accessible by major expressways surrounding Empire City.
In its filing, Rubberex also stated that Empire City Mall has been independently valued at RM1 billion and the proposed subscription would enable the Group to acquire a strategic foothold and participate in a sizable completed mixed property development project within a relatively short period of 2 years. Rubberex’s sole largest shareholder Dato’ Eddie Ong Choo Meng adds, “We are honoured to be collaborating with such established property players in the industry and look forward to elevating Empire City Mall to a premier retail destination when local and international borders reopen”. The implementation of the proposed subscription and diversification exercises are expected to be completed by early 2022.
