Suria KLCC shrugs off competition from new malls, with occupancy rate hitting 98% at end-2023

• Suria KLCC recently become a wholly owned subsidiary of KLCCP, after it bought the remaining 40% stake in the mall for RM1.95 billion from Ocmador (Malaysia) City Retail Centre Sdn Bhd, Port Moresby Investments Ltd and Bold Peak Sdn Bhd at end-January.

KUALA LUMPUR (April 24): Suria KLCC's established reputation as a premier shopping destination has set it apart from other malls in the same vicinity, which provided it an effective buffer against new competition, according to KLCCP Stapled Group chief executive officer Datuk Md Shah Mahmood.

Suria KLCC recently become a wholly owned subsidiary of KLCCP, after it bought the remaining 40% stake in the mall for RM1.95 billion from Ocmador (Malaysia) City Retail Centre Sdn Bhd, Port Moresby Investments Ltd and Bold Peak Sdn Bhd at end-January.

The capital city has seen at least two large mall openings recently — Pavilion Damansara Heights, which opened in October last year, and The Exchange TRX the following month. Another that is set to join the list is Warisan Merdeka Mall@118, which is owned by Permodalan Nasional Bhd (PNB). It is slated to open by the third quarter of 2025.

“I think we don't see [the new mall openings having] a big impact [on Suria KLCC]. There was a risk initially, but now it has stabilised. We still do very well in terms of performance and occupancy,” Md Shah told reporters after the group’s annual general meeting on Wednesday.

Suria KLCC's occupancy rate jumped to 98% in December 2023, while footfall rose by 30% from 2022. The mall, which added 35 new tenants last year, also saw its tenants achieving their highest moving annual turnover, growing 12% from 2022.

“The increase in tenant sales was particularly driven by fashion, food and beverages, and general retail,” said Md Shah.

KLCCP closed four sen or 0.53% higher at RM7.54 on Wednesday, valuing the group at RM13.61 billion.

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