M101 is committed to promoting Destination Retail Properties as an effective means to stimulating the country’s economic growth, boosting the number of both local and foreign tourist arrivals as well as urban population, while improving the convenience and diversity for greater consumer spending.
Known for its tropical forests and beautiful islands, Malaysia is more than just natural sceneries. The country has a rich tapestry of colourful cultures and ethnic diversity. It is worth mentioning that, according to the Global Shopper City Index, Kuala Lumpur is the second ‘Best Shopping City’ in the Asia-Pacific region, second only to Hong Kong, ‘the Pearl of the Orient’.
This is a metropolis with a lot of shopping malls. Generally, people are engaged in shopping of a regular, casual nature. Typical shopping malls lack features that attract people who want more than just ‘shopping for goods’ or ‘looking and strolling around’.
Destination Retail Properties is a concept similar to mixed property development, albeit more diversified in terms of functionality. The concept is built upon properties in tourist destinations, which helps significantly stimulates the tourist spending market.
The main element of M101’s diversified development model is a Best Western-managed hotel, in addition to SOFO commercial units, retail outlets on the ground level, shopping mall and roof-top retail outlets, bars, luxurious swimming pool, convention centre, exhibition room, among others. The key sources of consumers of our Destination Retails Properties include tourists staying at the hotel, owners or clients of the SOFO commercial units, and even guests attending events at our convention centre and exhibition room.
M101 founder and Executive Director Dato’ Seth Yap Ting Hau believes that only with a clear objective in creating Destination Retails Properties can we greatly improve the functionality of a property; and at the same time, achieve sustainable development.
Destination Retail Properties bring in the crowd, which in turn generates consumer spending -- this will bring about a virtuous cycle whereby the functionality performance of the Destination Retails Properties will be boosted, and the business opportunities increased.
Given the possibilities, guests may stay behind for a while after attending an event; tourists may hang out at the cosy corners of hotel, and business people may meet at the café for discussion. An ‘all-in-one’ venue with café, sky bar, tailors, hairdressers, and even travel agents under one roof would undoubtedly be in a better position to attract the crowd, while providing more convenience to tourists from overseas.
Dato’ Yap emphasized, “It is important to note that, the demand for multi-function exhibition halls in Kuala Lumpur has been going strong; these venues are the choice of events, exhibitions and conventions of all kinds. M101’s exhibition hall is well-placed and well-positioned as organizers of different types of activities continue to look for suitable venue in the city centre for their events. Exhibitions bring in large number of visitors, who are an important source of consumers for Destination Retails.” With a few events taking place in a week, the hundreds of people attending these events daily will mean a significant source of spending power.
With the emergence and growth of luxury lifestyle in recent years, a handful of popular hotels in town have introduced the concept of sky bars, where guests dine and wine while soaking in the beautiful night view of Kuala Lumpur. M101’s properties at the heart of the golden triangle are mostly high-rise, offering ideal location for sky bars, and even ‘sky’ mall and ‘sky’ pool. People come to mingle and relax in a tranquil environment right at the city centre.
M101’s properties also provide over a hundred low-density SOFO units; buyers can decide if they want to use these for residential or commercial purpose. This population will directly and indirectly affect the consumption pattern of the entire property, and undoubtedly bring the overall interaction even closer.
The advantages mentioned above lend much potential to the properties. Besides, with the economics and the consumer spending complementing each other, M101’s properties of Destination Retails will continue to fulfil its core belief of sustainable development.
Kuala Lumpur of Malaysia is geographically located 101 degrees east of the Prime Meridian. M101, with its mission of branching out to the world and with its property tourism business in Kuala Lumpur as a base, has since named the company as Meridian 101.
The first property development project M101 Dang Wangi is located in the city centre, within a walking distance of 5-10 minutes from two light rail stations and a monorail station; hence, very convenient for tourists. Furthermore, this freehold property project is a multi-function mixed development, featuring Best Western-managed hotel, SOFO units as well as retail stores. Future property development projects include M101 Bukit Bintang, another multi-function mixed development that realizes the vision of M101.
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Sairana Mohd. Saad