Pavilion REIT's 1Q net property income climbs 5% on stronger rental contribution
The REIT's distributable income came in at RM98.
The REIT's distributable income came in at RM98.
Sunway Square Mall will mainly comprise leisure and entertainment offerings with key tenants such as Village Grocer, BUMP Bouldering, TGV Cinemas, The Library by BookXcess, COUNT, KKV, Tutu Toe Dance Academy and GoFit.
The two REITs, which run malls and office buildings, said economic uncertainty and possible fuel subsidy cuts may lower mall spending and hurt tenants, while office space faces too much supply and demand for newer buildings.
They are Jaya Grocer, Serai Group’s flagship concept, ACE Hardware, Asia Ballet Academy and the first HarborLand kids playland in Malaysia.
The property is 100% leased to supermarket chain operator AEON Co (M) Bhd (KL:AEON), whose lease will last another 13 years until Dec 3, 2037.
The mall, which has been operational since August 2024, serves as a retail and leisure hub for the City of Elmina and beyond.
The mall, now rebranded as Sunway Kluang Mall, is nearly fully occupied with over 130 tenants and anchored by Pacific Hypermarket & Department Store.
Malaysian Shopping Malls Association: "This announcement of a potential 15% increase in TNB tariffs is expected to place enormous financial pressure on both operators and consumers.
Spread across four acres, the three-storey mall has a total net lettable area of 200,000 sq ft.