Ipc Shopping Centre: Powered By Redevelopment
IPC Shopping Centre (IPC) recently undertook a major redevelopment project after 14 years of its existence in Mutiara Damansara, Selangor. IPC Corporation Sdn Bhd Assistant General Manager Karyn Lim shares on the shopping centre’s stage by stage redevelopment initiative with Property Insight recently which was meticulously planned and undertaken to ensure it not only stays relevant but continues to thrive and keep up with the trends.
The first stage of the redevelopment took off in March this year which has since then seen the reopening of its lower ground floor on July. This coincides with the centre’s vision of rebranding the future of its neighbourhood shopping centre and increasing the centre’s shopping options with value added offerings for shoppers by way of also introducing a variety of new tenants.
Scandinavian concept Ikea, having a built-up net lettable area of 78,000 sqm which first opened its door in August 2003, is the sister company sharing the same roof with IPC which started its operations six months later in December.
Ikea’s unique identity has managed to attract a broader catchment which has indirectly also led to more footfall for the shopping centre coming from other neighbourhoods besides been a strong contributor to business opportunities. The same concept applies to Ikea in Cheras, Kuala Lumpur which has My Town Shopping Centre as its joint-venture development project with Ikano Malaysia and Boustead Holdings.
Initially operating with a majority of the tenants adopting a big box concept within a net lettable area spanning 40,000 sqm, IPC Shopping Centre has helped these concept stores with “big box concepts” such as Harvey Norman, Popular, Pet Safari and Ace Hardware to launch their flagship stores here.
Over a decade down the road, IPC noticed changes in consumer’s shopping behaviours and opted to address their evolving and ever-expanding needs and wants with this redevelopment exercise.
“Now IPC, with a net lettable area of 38,000 sqm has initiated the rebranding of its stores to create a new look by repositioning and re-anchoring its past and loyal tenants in this redevelopment exercise,” shares Lim.
Testimony to its success, the shopping centre’s tenant occupancy rate currently stands at 99.8%.
Lim says the shopping centre was not affected by the redevelopment exercise whose total renovation cost amounting to approximately RM200 million was borne fully by IPC.
The redevelopment exercise of building a shopping centre space that inspires was carried out over three main phases. The exterior and interior work she reveals was undertaken by a design architecture firm from Australia.
The first phase of the redevelopment exercise took five months for tenants to be vacated which also saw the reconfiguring of the entire floor layout plan.
“We have seen about 64% of past tenants returning. Phase two will be completing in November while phase three is scheduled to be finished by December this year,” shares Lim.
The retail look from the exterior with vertical greenery running down the façade shopping centre was designed in tandem with its forward looking plans. Incidentally, the shopping centre will be Green Building Index (GBI) rated targeted at a gold certification given its emphasis on sustainability.
This shopping centre which has matured over a decade with its surrounding neighbourhood has become a social place for family and friends to mingle besides being the preferred destination for shopping.
IPC will be seeing new tenants like Foodland, AEON Wellness, IC Waikiki, Young Chef Academy, Hana Japanese Restaurant and Penang Road Famous Teochew Cendol and Ben’s Independent Grocer in October complete with new concept and design complementing its tenant mix.
A comeback by popular tenants will be reflected in eateries and outlets such as Uncle Lim, De Irrfan’s Café, Noodle Shack, i-Alter and Thule. Lim says that 49% of its total tenants for all three phases would be returning. A significant improvement or changes in food and beverages with a 14% increase in sales is also being targeted by IPC.
More changes that shoppers can look forward to are upgrades to the Recycling and Buy-Back Centre (RBBC). IPC, established since 2009, is currently the first shopping centre having such a facility to assist both shoppers and offices to embark on this drive towards sustainability.
Lim believes that now is the ripe time to forge ahead with its expansion plan encompassing a regional teamwork to create a different journey for its clientele. IPC also has in plan to open similar shopping malls with one located in Tebrau, Johor Bahru and another scheduled to open in 2019 at the Aspen Vision City (AVC), Penang spanning a 99 ha land.
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