Being well-known as one of the biggest and most reasonable shopping destinations in Singapore, Mustafa Centre is a favourite place for many tourists and local residents— especially since it offers all kinds of products.
Most recently, the renowned Singaporean retailer announced that it’s set to open its flagship store in Tampoi, Johor Bahru soon.
This is following the announcement made by Capital World Ltd (Capital World) that it will sell most of the space, including retail units at its Capital City Mall to Mustafa for RM368 million. The RM368 million deal also includes 374 accessory parcels, comprising alfresco and multipurpose areas and all 2,181 car park lots.
The purchase marks Mustafa’s first foray as a full-fledged department store operator in Malaysia, a market it has been looking to penetrate for years.
“Having established ourselves in Singapore as a mega one-stop retail store for everything from fast-moving consumer goods to fashion, cosmetics and electronics, we believe the time is ripe for us to get into Malaysia,” said Mustafa’s managing director, Mustaq Ahmad in a statement released on Singapore Exchange on Friday.
Mustafa is one of the most established retailers in Singapore, having been in business for more than 5 decades. Its flagship Mustafa Centre at Syed Alwi Road offers a wide range of goods for sale, including consumer electronics, jewellery, toys, fashion and apparel, cosmetics, and fast-moving consumer goods.
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