Mustafa, the popular Singapore retailer with a vast variety of goods and food, made a move to start its flagship business in Malaysia after it bought over part of a JB mall.
Singapore Retailer
Reports from Singapore say Mustafa, known for its namesake 24-hour mall in Singapore, will purchase 591 unsold retail units in Johor Bahru’s Capital City Mall. The RM368 million (about S$114 million) deal also includes 374 accessory parcels, comprising alfresco and multipurpose areas and all 2,181 car park lots.
Mr Mustaq Ahmad, Mustafa’s managing director, said the timing was right for his company to enter the Malaysian market. “One of our key challenges until now has been finding an appropriate site. Capital City Mall meets many of the requirements for our first flagship store in Malaysia, given its close proximity to Singapore, ample floor area and ideal floor plates.”
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