Sunway Malls Projects 5 Pct Growth For 2024

KUALA LUMPUR, Nov 7 (Bernama) -- Malaysia’s largest mall owner-operator Sunway Malls expects to garner five per cent growth this year, driven by a strong performance in the first half of 2024 and the re-opening of an asset enhancement initiative, Oasis, in Sunway Pyramid.

The company, in a statement today, said the growth is attributed to the continuous strong performance from Sunway Carnival Mall, a robust first quarter of 2024 (1Q 2024) due to festivities, and resilient food and beverages performance.

It said the mall group registered a strong 11 per cent growth in 1Q 2024 before recording a marginal two per cent growth in 2Q 2024 and flat in 3Q 2024 due to a lacklustre Raya festive spending and market softening.

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“Sunway Malls is, however, expecting a vigorous 4Q this year due to year-end festivities.

“The timely opening of Sunway Pyramid’s new precinct, Oasis, at the previously ex-Aeon’s space on Nov 1 is forecasted to sustain the growth momentum despite prevailing cautious consumer sentiments over the rising cost of living,” it said.

The company said that coupled with Sunway Carnival’s continuous strong performance, the mall group is confident in achieving its full-year growth.

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“The mall group’s RM550 million asset enhancement initiative in both Sunway Pyramid and Sunway Carnival has garnered a full 100 per cent take-up rate to date across its combined 800,000 square feet of net lettable area.

“Both malls are the group’s older malls -- the former opened in 1997 and the latter in 2007,” it said.

Meanwhile, Sunway Malls chief executive officer HC Chan said that even after 27 years, Sunway Pyramid consistently sees a healthy demand for its retail space,  with the opening of 115 shops in the Oasis precinct, spanning over 300,000 square feet of net lettable area.

“This reconfigured space is set to significantly contribute to Sunway Malls’s overall revenue, yield and positioning,” he said.

With the opening of Oasis, Sunway Pyramid is touted to be the mall with the largest number of shops in Malaysia, with 800 unique shops and offerings in its category.

With the newly acquired Sunway 163 Mall and Kluang Mall, Sunway Malls now operates a total of nine malls.

Combined with pipeline projects, the mall group owns 12 malls with 7.7 million square feet of net lettable area.

-- BERNAMA