Indoor Skydive Australia Group Limited has just signed a Memorandum of Understanding for the development of it’s first indoor skydiving facility in Malaysia. The facility is at the 1 Utama Shopping Centre, one of the largest shopping centres in the world.
The cost of the project, including internal costs, to ISA Group is estimated to be between $1.5 to $2 million. ISA Group expects to fund this from operating cashflows, supplemented by existing cash reserves and debt if appropriate.
The indoor skydiving facility is being developed as part of the extension of the 1 Utama Shopping Centre which includes access to the Bandar Utama MRT station, linking 1 Utama to the Greater Kuala Lumpur region. Construction of the extension has commenced and is scheduled for opening in December 2017. With over 30 million visitors per year, the 1 Utama shopping centre is an “all in one” complex combining retail, leisure, sporting and entertainment facilities. It is interconnect with several high-rise office towers and a 5-star luxury hotel.
The 1 Utama indoor skydiving facility will be ISA Group’s first facility outside of Australia and is the result of several years of market research and due diligence to understand the local business environment. By working with 1 Utama as a partner, ISA Group is able to mitigate risks, reduce the capital commitment required by ISA Group and leverage off 1 Utama’s local success and experience.