On the 21st, Mitsui Fudosan announced that it has signed a joint venture agreement with its joint partner, Malaysia Airports Holdings Berhad (hereinafter "MAHB"), regarding the Mitsui Outlet Park Kuala Lumpur International Airport (KLIA), which it signed a basic agreement for in November last year, and established a new company, MFMA Development Sdn. Bhd (hereinafter "MFMA").

Mitsui Fudosan will hold a 70% stake, while MAHB will hold a 30% stake. MFMA's role is to promote the project, leasing the land from MAHB, constructing the buildings, and then leasing them to tenants.

Located on the outer edge of the airport grounds, Mitsui Outlet Park Kuala Lumpur International Airport (KLIA) is a full-scale outlet mall that makes the most of the vast site. The first phase of development will have approximately 25,000 square meters of retail space and will feature approximately 140 stores. Construction is scheduled to begin within the year, with a planned opening in early 2015. The second phase is planned to expand to approximately 46,300 square meters and house approximately 260 stores. Upon completion, it will be Mitsui Fudosan's largest outlet mall and one of the largest in Southeast Asia. Conveniently located approximately 40 minutes by car from downtown Kuala Lumpur, it targets residents of the greater Kuala Lumpur area. It will also be highly convenient for users of Kuala Lumpur International Airport, which currently serves approximately 38 million passengers annually. With the opening of the second airport and the opening of the new facility in early 2015, this number is expected to increase to approximately 45 million. The tenant lineup will include a wide range of retailers, including luxury brands, casual brands, and select shops from Western, Asian, and Japanese brands. The mall is also considering attracting restaurants to cater to the 25 million annual tourists to Malaysia, addressing the needs of Japanese companies seeking outbound travel, and incorporating entertainment elements. Mitsui Fudosan has positioned its overseas business as one of its growth areas, and is already developing and operating an outlet mall in China. This facility will be the company's first outlet mall in Southeast Asia, with plans to expand into Taiwan in the future.