Star Mall Group reinforces commercial real estate market of the North Eastern China

Sina Commercial Real Estate
On March 24 Star Mall Group has gathered famous retailers such as Robbinz Department Store, South Beauty, Watson’s, Nike, Haagen-Dazs, Silk&Cashmere for the Retailers Networking Night in Beijing. Among guests there was famous Turkish fashion brand Silk&Cashmere who has just entered China’s market.

During the event Sina Commercial Real Estate have learned that Star Mall Group have entered China’s market with its first project – Star Mall Shenyang Plaza. Construction area of the project is 320,000 sqm which provides space for shopping, entertainment, Leisure, F&B, and other activities. Total investment in the project calculates for 200 milliom USD. Project is scheduled to be opened in November 2011.

Representatives from Star Mall Group announced: “To date such brands as Robbinz Department Store, Hypermarket Auchan, Huayi Brothers Cinema, Gome, H&M, Bestseller and other brands have already signed leasing contract with Star Mall. Occupancy rate at the moment is over 60%. It is expected to finalize leasing works for the project by September and give tenants 2 month for the decoration works”.

During the event the CEO of Star Mall Group Mr Bulent Ulusoy revealed information that, comparing to other projects of the area, Star Mall Shenyang Plaza has more international brands and also Turkish brand Silk&Cashmere, at the same time focusing on providing consumers one-stop shopping space. Mr Bulent Ulusoy also added that in future company will focus on expanding in the Northeast of China and exploring commercial real estate market of this area.

“Before we have not been involved in China’s market. Now when we have entered China it is important for us to see strength of Star Mall Group as well as purchasing power of Shenyang consumers” said the COO of Silk&Cashmere brand.

Star Mall Group is the joint venture of FIBA Group and Turkmall Company. FIBA Group has over 20 years of experience in banking, retail, real estate, construction, energy, logistics and other industries. Turkmall is internationally known Turkish commercial real estate development and investment company which develops and invests in projects since 1997. With proven financial and development experience these 2 companies provide strong support to Star Mall Group.

Source: http://bj.sydc.sina.com.cn/dcnews/2/2011/0329/4082.shtml