The SStwo Mall in Petaling Jaya, which closed in 2015 after less than five years in operation will get a new lease of life following the signing of the term to purchase by LifeCare Property (SS2) Sdn Bhd.
LifeCare Property is a subsidiary of private medical care operator LifeCare Diagnostic Medical Centre.
The term to purchase was officiated in a signing ceremony between LifeCare managing director Dr Ong Kee Liang, and DK-MY Properties managing director Danny Koek Tiang Kung.
The SStwo Mall, nestled on a 3.16-hectare site, will undergo a major transformation as a one-stop healthcare lifestyle mall and it will be renamed LifeCare DK Mall.
The new set up will provide professional and affordable medical solutions and house more than a dozen specialties and first of its kind facilities in the country.
SStwo Mall, built at an estimated RM180 million, permanently closed in March 2015 due to poor performance after operating for less than five years.
For the financial year ended December 31, 2015, the mall accumulated losses adding up to RM188.73 million and had liabilities of RM162.87 million.
The original developer and owner of SStwo Mall was AsiaMalls Sdn Bhd, who sold the property to Puchong-based DK Group after three years on the market.
It was reported that DK Group, founded by Koek, paid some RM180 million for the property in 2018, way below the RM200 million to RM250 million sought by AsiaMalls.
DK-MY Properties is the property arm of DK Group.
In a statement, Koek said refurbishment works have started and that the mall is expected to open its doors by the middle of next year.
Koek said there are plans to unveil two residential blocks next year in conjunction with the launch of LifeCare DK Mall.
The developer will build senior housing community models that offers independent living, assisted living, and memory care.
Read more: NST