Sim Leisure Group inks agreement, set to bring ESCAPE Challenge to Paradigm Mall by 2019 year-end school holiday
Sim Leisure Group Ltd. (“Sim Leisure” or the “Company”, together with its subsidiaries, the “Group”), a theme park developer and operator based in Penang, Malaysia, has announced the signing of an agreement with Jelas Puri Sdn Bhd (“Jelas Puri”), a subsidiary of KLSE-listed WCT Holdings Bhd, to build and operate an indoor recreational centre at Paradigm Mall in Petaling Jaya, Malaysia.
Working together with Sim Leisure Group, Paradigm Mall Petaling Jaya, an iconic suburban mall, aims to provide shoppers with a variety of choices for a fun day out. Continuing its efforts in meeting the needs and aspirations of the community, Paradigm Mall Petaling Jaya is striving to stay relevant and attractive for all of its shoppers.
Pursuant to the agreement, Sim Leisure has started construction of the 35,000 square feet indoor recreational centre. The Group will design, install and operate the centre under the tenancy agreement for a period of up to 12 years. The Group expects completion and official launch of the recreational centre by end November 2019, before the peak year-end school holiday season.
Paradigm Mall Petaling Jaya has become a rising icon in the heart of Petaling Jaya, next to one of the busiest highways in Klang Valley, the Lebuhraya Damansara-Puchong. The mall spans six floors with 700,000 square feet of retail space and houses more than 300 outlets.
Leveraging on the success of the Group’s ESCAPE parks in Penang, ESCAPE Challenge, an indoor version of ESCAPE, targets the youth and young families in urban populations. With ESCAPE Challenge, the Group aims to capture the rising trend of lifestyle malls where shoppers frequent shopping centres to fulfil their recreational needs.
Commenting on the Group’s latest development, Mr Sim Choo Kheng, CEO of Sim Leisure, said, “For years, we have been approached by developers and mall operators to develop an indoor version of ESCAPE as traditional shopping centres are evolving into lifestyle malls where urban populations fulfil their recreational needs in a familiar setting. Paradigm Mall Petaling Jaya is a strong community partner and perfectly highlights the unique traits of a family mall. We are very proud of this partnership with Paradigm Mall Petaling Jaya given the affinity for play parks by parents and children. Installing the play area in the mall is a natural fit given that no other malls in Klang Valley has recreation centres of this genre.”
Sim further elaborated that, “ESCAPE Challenge at Paradigm Mall marks the beginning of another business division we have been incubating for years. ESCAPE Challenge will be our showcase indoor recreational centre which we will use as part of our growth strategies in China, Singapore and the ASEAN region. We foresee this indoor version of ESCAPE growing exponentially in the years to come as the retail shopping business continues to undergo a transformation.
Following our initial public offering and a record year of profitability in FY2018, our global aspirations remain on track. We will continue to scale our proven and successful business model into new markets across the region that are awaiting a new genre of affordable and healthy family entertainment.”