Sunway City Kuala Lumpur, 8 November 2024 – The re-opening of Sunway Pyramid’s 300,000 square feet retail space, OASIS after an asset enhancement initiative exercise along with a 7% sales growth in 1H2024 y-o-y is expected to drive Sunway Malls’ full year growth to 5%.

The growth is attributed to the continuous strong performance from Sunway Carnival Mall, a robust 1Q2024 due to festivities and resilient F&B performance. The mall-group registered a strong 11% growth in 1Q2024 before recording a marginal 2% growth in 2Q2024 and flat 3Q2024 due to a lacklustre Raya festive spending and market softening.

Sunway Malls is however expecting a vigorous 4Q2024 due to year-end festivities. The timely opening of Sunway Pyramid’s new precinct, OASIS at the previously ex-Aeon’s space on 1 November is forecasted to sustain the growth momentum despite prevailing cautious consumer sentiments over rising cost of living. Coupled with the continuous strong performance of Sunway Carnival, the mall group is confident in achieving its full-year growth.

The mall group’s RM550 million asset enhancement initiative in both Sunway Pyramid and Sunway Carnival have garnered a full 100% take-up rate to date across its combined 800,000 sq. ft. of net lettable area. Both malls are the group’s older malls – the former opened in 1997 and the latter in 2007.

“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 across 300,000 sq. ft. of net lettable area. This reconfigured space is set to significantly contribute to Sunway Malls’ overall revenue, yield and positioning,” said HC Chan, CEO of Sunway Malls.

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. Amongst the highlights of the new precinct are Malaysia’s largest Muji store at 27,000 square feet; Malaysia’s first Brand For Less store, one of the world’s leading off-price retailers; the first Caudalie Spa in Southeast Asia; a flagship Jaya Grocer with a European-market concept and the Sports Direct flagship store in Malaysia.

According to Chan, the full potential of both malls has yet to be realised. Sunway Pyramid is still working on the Boulevard, another reconfigured outdoor space adjacent to its main entrance, and several other retail space enhancements, while Sunway Carnival’s ongoing asset refurbishment is expected to be fully completed by 1H2025.

“The prospects for Sunway Malls remain to be promising as we will continue to focus on optimising costs and enhancing our malls through asset enhancement exercises in the near term. With our proven track record, our extensive business partners network and widely recognised brand, the outlook for Sunway Malls is optimistic throughout the next few years,” said Chan.

With the newly acquired Sunway 163 Mall and Kluang Mall, Sunway Malls now operates a total of 9 malls. Combined with pipeline projects, the mall group owns 12 malls with 7.7 million square feet of net lettable area. For the longer term and broader outlook, Sunway Malls is expected to grow its portfolio of malls through both upcoming developments and Sunway REIT acquisitions.

In the pipeline, Sunway is also building three malls – Sunway Square with a retail space of 300,000 sq. ft. in Sunway City Kuala Lumpur; Sunway Pier with a retail space of 350,000 sq. ft. in Port Klang; and Sunway Ipoh Mall with a retail space of 1 million sq. ft. in Sunway City Ipoh. Sunway Square is expected to complete in 2025 whereas Sunway Pier and Sunway Ipoh Mall are expected to complete in 2027.

About Sunway Malls

With 9 retail developments under its belt, Sunway Malls is gearing to be amongst Malaysia’s largest mall owner-operator. The entirety of established malls and pipeline projects currently stand at 7.7 million square feet (sq. ft.) of net lettable area (NLA). The malls are strategically located in key urban markets to serve the surrounding community.

The mall locations are: -

• Sunway Pyramid, Sunway City Kuala Lumpur
• Sunway Velocity, Cheras, Kuala Lumpur
• Sunway Carnival, Seberang Jaya, Penang
• Sunway Putra, Kuala Lumpur
• Sunway Big Box, Sunway City Iskandar Puteri, Johor
• Sunway Kluang, Johor
• Sunway 163, Mont Kiara, Kuala Lumpur
• Sunway Giza, Sunway Damansara, Selangor
• Sunway Citrine, Sunway City Iskandar Puteri, Johor

Upcoming mall locations are: -

• Sunway Square, Sunway City Kuala Lumpur, Bandar Sunway
• Sunway Pier, Port Klang, Selangor
• Sunway Ipoh Mall, Sunway City Ipoh