IGB REIT to acquire Mid Valley Southkey Mall in Johor for RM2.65 bil
The five-storey mall, with over 1.
The five-storey mall, with over 1.
The Malaysia Shopping Malls Association pointed to ongoing global economic uncertainties, including tariff wars, supply chain disruptions, and intensifying regional and digital competition, which continue to challenge retail businesses.
IOI Properties also received Certified Green Building Index (GBI) rating under the GBI Non-Residential New Construction: Hotel (NRNC: Hotel) category for its 480-room Moxy Putrajaya that is linked to IOI City Mall, as well as GBI Silver rating for its IOI City Towers 1 and 2.
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.