Naza TTDI signs lease agreement with HomePro

Naza TTDI Sdn Bhd has signed a 32-year land lease agreement with Home Product Centre (Malaysia) Sdn Bhd (HomePro), paving the way for the setting up Thailand's leading home improvement store at TTDI Gateway in Shah Alam.

Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin said HomePro store would be built on a 1.63-hectares site at the cost of RM2.5 billion.

"HomePro store's presence marks the first international collaboration at TTDI Gateway.

"It will boost TTDI Gateway development to become a truly international lifestyle hub in Shah Alam," he told reporters after signing a lease agreement with HomePro over the development of its store, here today.

HomePro was represented by its Malaysia's managing director Anuchar Jitjaturunt.

Spanning over a 15.7-hectare site in Section 13, Shah Alam, TTDI Gateway will be developed over three phases, consisting of offices, services apartments and retail outlets and it is slated for completion by 2020.

Meanwhile, Jitjaturunt said TTDI Gateway would house its second store in mMalaysia after IOI City Mall, Putrajaya.

TTDI Gateway's HomePro store will be built at the cost of RM60 million and the construction work is expected to start in the first quarter of next year, with a target opening at the end of 2016.

Jitjaturunt said the sales area would occupy 9,290 square meters of the 26,012-square metre built up area.

Buoyed by high acceptance from customers towards its first store, he said HomePro is optimistic of the success of its TTDI Gateway's store.

He said HomePro registered RM30 million in sales in the first six months of the opening of its first store at IOI City Mall and is targeting RM60 million in sales this year.

HomePro entered the Malaysian market at the end of last year, offering more than 35,000 products.

The company plans to open up to 12 stores within the next five years with a total investment of RM500 million.