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.
Asian Pac said the proposed acquisition aligns with its strategy to invest in retail malls, with the objective of increasing net property income.
PeopleUp's new family destination will cover over 60,000 sq ft at Atria Shopping Gallery and set to open in first half of 2025.
Sales at department stores cum supermarkets grew 12.
Nippon Paint said TCCS is the first in the region offering tailored refurbishment solutions ranging from repainting to re-waterproofing and reflooring.
The acquisition, which is the REIT's largest acquisition since its listing on the Main Market of Bursa Malaysia in 2017, is scheduled to be completed by the first quarter of 2025.
Based on Napic’s Property Market Report 2023 released on Wednesday, the occupancy rate of shopping complex retail space in 2023 rose to 77.
Upcoming F&B tenants include Canton Boy, Mr Vegan, Pezzo Pizza, BabaBoy, BananaBro, Bread History & Sandwich Box, KPOP Madang, Taste of Medan, Noodle King House as well as a Western restaurant with a bar concept adjacent to Canton Boy.
"Recent initiatives including forging Green Lease Partnerships with tenants, has solidified our commitment toward realising a net-zero mall by 2050.
The redevelopment project will result in the expansion of the retail space of an approximate 50,000 square feet (sq ft) of net lettable area (NLA).
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