|Singapore-listed Sim Leisure Group operates theme parks in Penang branded ESCAPE and has a water slide that is about to open and achieve a Guinness World Record title. (See: SIM LEISURE GROUP: Adventure park operator to take investors on fun ride)
For some time, it has been approached by developers and mall operators to develop an indoor version of ESCAPE.
"Traditional shopping centres are evolving into lifestyle malls where urban populations fulfil their recreational needs in a familiar setting," notes CEO Sim Choo Kheng of Sim Leisure Group,which listed on Singapore Exchange in March 2019.
The company has now partnered with Paradigm Mall in Petaling Jaya to build and operate an indoor recreational centre, under an agreement signed with Jelas Puri Sdn Bhd, a subsidiary of KLSE-listed WCT Holdings Bhd.
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 up to 12 years.
Completion and official launch of the recreational centre is expected by end November 2019, before the year-end school holiday season.
Paradigm Mall spans six floors with 700,000 square feet of retail space and houses more than 300 outlets.
Mr Sim said, “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.”
|He added: “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.”