Bina Darulaman Berhad’s the lead developer for the upcoming Langkawi Designer Premium Outlet via its subsidiary BDBMBI has signed an indicative term sheet with the intention for a Master tenancy agreement by 2022 with KS London Time Trading Retail Sdn Bhd to secure two leading European designer outlet shopping operators McArthurGlen UK Ltd and Unibail-Rodamco-Westfield to set up in the island.
Under the partnership, KS London Time Trading Retail will be the Master Tenant for the two premium outlets and manage it for a period of 25 years. This appointment marks a significant milestone as the strategic objective is to create a new lifestyle and retail offering that will further strengthen Langkawi’s global reputation as a premier tourism destination. The agreement also locks in the Gross Rental Value for BDBMBI over the 25-year tenancy period estimated at over RM790 million, minimises operational and financial exposure and ensures the operational and marketing success of LDPO through the appointment of two highly successful high-end designer outlet shopping operators.
Conceptualised and developed by the group, LDPO will be Langkawi’s first dedicated premium retail and lifestyle centre offering 183 retail, fashion, luxury and F&B brands spread over 451,000 square feet of rentable area. LDPO is strategically located directly opposite Langkawi International Airport, the key gateway for domestic and international visitors to Langkawi. UK-based McArthurGlen was selected as an operations partner based on their track record as a
pioneer in designer outlet retailing in Europe and Canada. It operates over 7.5 million square feet of designer retail space in 26 centres in 10 countries, namely, Italy, France, the UK, Germany, the Netherlands, Spain, Belgium, Austria, Greece and Canada. Its retail centres welcome over 90 million visitors every year.
Based in France, URW is a premier global developer and operator of flagship destinations, with 86 shopping centres, including 53 flagships, in two continents and 12 countries. As of 2021, URW operates a portfolio valued at €55.0 billion and has a development pipeline of €3.8 billion.