News and Press >KIP GROUP INKS MoUs WITH QSR BRANDS
KIP GROUP INKS MoUs WITH QSR BRANDS
12 November 2018
Kuala Lumpur, 12 November 2018 – Property developer Kepong Industrial Park Group of Companies (“KIP Group” or “the Group”), today signed two Memorandum of Understandings (MoUs) with QSR Brands (M) Holdings Bhd (“QSR Brands”) as an extension to the strategic partnership between the two parties to provide the convenience of KFC drive-thru restaurant service at KIP Group’s retail outlets that would potentially boost occupancy rates, and earnings in the future.
Most recently in October 2018, KIP REIT and QSR Brands have formed its first strategic collaboration via a tenancy agreement to establish a KFC restaurant with a built-up area of 2,717 sq ft at one of its community-centric hybrid retail centres, KIP Mart Kota Tinggi, Johor. The first of its kind collaboration between the developer and retail management company with the leading restaurant operator is projected to see a 4% rise in the centre’s occupancy rate to a 95%.
In the MoUs between both parties, QSR Brands is to establish two new KFC drive-thru restaurants at KIP Mall Desa Coalfields in Sungai Buloh, a one-stop shopping mall owned by KIP Group; and KIP Mart Lavendar in Senawang, a retail centre owned by KIP Real Estate Investment Trust (“KIP REIT”).
The MoUs were signed by KIP Group’s CEO Valerie Ong and Managing Director of QSR Brands, Dato’ Seri Mohamed Azahari Mohamed Kamil in a ceremony held at KIP Hotel, Kuala Lumpur. Also present at the ceremony were Dato’ Chew Lak Seong, Managing Director of KIP Group; Dato’ Eric Ong Kook Liong, Executive Director of KIP Group; Chan Heng Wah, Chief Executive Officer of KIP REIT; and Merrill Pereyra, Chief Executive Officer of Restaurants Division, QSR Brands.
The 4,088 sq ft KFC drive-thru restaurant at Desa Coalfields is an extension to the 213,000 sq ft KIP Mall Desa Coalfields, which will inevitably take both QSR Brands as well as KIP Group to the next level. This will increase its occupancy rate and boost its footfall to approximately 1,500 visitors per day once it opens its doors to the public in the fourth quarter of 2019.
Meanwhile, KIP Mart Lavendar in Senawang is a single-storey retail centre, which started operations since December 2012, is expected to increase its occupancy rate by 4% to about 85% with the extension of the new 4,800 sq ft KFC drive-thru restaurant.
“We are very pleased to forge this strategic partnership with QSR Brands, a market leader within the quick-service restaurants segment in Malaysia. The addition of KFC restaurants to the present tenant mix will increase our array of food and beverage outlets that will inevitably take both QSR Brands as well as KIP Group to the next level. This will increase the soon to be opened KIP Mall Desa Coalfields’ and KIP REITs average occupancy rates and boost visitors’ traffic flow. We are indeed very excited with this tie-up with QSR Brands and look forward to more successful collaborations in the near future,” said KIP Group’s CEO Valerie Ong.
According to Dato’ Seri Mohamed Azahari, KFC strives to work in partnership with businesses from varied industries as part of its continuous efforts to improve its service accessibility and offerings. QSR Brands intends to continue collaborating with the renowned developer in keeping the dynamic momentum of its restaurants’ growth across the Group’s retail centres.
“We realise that the only way to grow is to go forward and embark on new business model with like-minded partners. It is our commitment to serve and enrich the lives of Malaysians through the irresistible taste of KFC chicken and the unforgettable family moments that we created to delight our customers time and again. Today’s signing is a culmination of a partnership between two strong players in our respective industries. Partnership like these allows the utilisation of strengths and expertise to both of our advantages. We believe that we will be able to provide added values to the lives of the surrounding communities with the convenient of KFC drive-thru service, and at the same be the growth catalyst to the retail centre with the presence of our iconic brand.” he stated.
The Kuala Lumpur-based KIP Group, a notable developer of choice and retail management company with noteworthy developments in the Klang Valley and Johor, is the common shareholder of KIP REIT that has total assets valued at RM614.93mil as at end September. Meanwhile, QSR Brands is the region’s largest quick service restaurant operator with over 810 KFC and 460 Pizza Hut outlets across Malaysia, Singapore, Cambodia and Brunei. It is the market leader within the quick-service restaurants segment in Malaysia.
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