Booming business of retail malls amidst a stagnating property market
The property market outlook for 2017 has been forecast to be lukewarm but still quite encouraging, with some sectors of the property industry have begun to show gradual signs of recovery. With an ever-increasing demand in the property retail sector, consumer confidence in the local real estate market will continue to consolidate further. Furthermore, the retail mall industry is said to be pretty robust and could weather almost any storm or future challenges. These days, shopping malls are mushrooming everywhere you turn your head, particular in the Klang Valley and major cities. The continuous proliferation of shopping malls in Malaysia is particularly bizarre and mind-boggling indeed considering the fact that the nation is experiencing economic downturn and property downtrend.
Almost all property developers these days have their own signature or iconic malls, as well as mall developments still in progress. For some developers, retail malls are big business. Sunway Group for instance has a total nine shopping malls under its belt, stable or portfolio. The Sunway REIT (i.e. real estate investment trust) comprises Sunway Pyramid, Sunway Putra, Sunway Giza, Sunway Nexis, Sunway Velocity, Sunway Iskandar, Sunway Ipoh. Sunway Carnival, and Sunway Paya Terubong. The trend nowadays is to build them bigger and better in order to outdo the competition and intense rivalry in the mall industry. Unprecedented trend of building megamalls has resulted in positive growth and phenomenal development of shopping malls within the retail sector. This is in stark contrast to the present situation whereby a clear glut exists with respect to the oversupply of retail space associated with shopping malls. Words cannot begin to describe the extent or severity of mall developments in Malaysia. We have long been regarded a major retail hub and premier shopping destination anywhere in the world, and Malaysians have always embraced the shopping culture rather religiously – shop till you drop, so to speak! Where else can you find a more happening or exciting retail haven and shopping paradise but here in Malaysia! The following is an assortment or compilation of the latest malls (and their respective retail mall developers) found in Malaysia, specifically within Greater Klang Valley region.
Mall of Medini
The Mall of Medini is developed by Nusajaya Lifestyle Sdn. Bhd., a joint-venture between UEM Sunrise Berhad and Iskandar Harta Holdings Sdn. Bhd. (a wholly-owned subsidiary of Iskandar Investment Berhad). Envisioned as the premier retail and lifestyle entertainment hub in Medini Iskandar Malaysia, the mall will build on its exciting synergy with LEGOLAND® Iskandar Malaysia and aims to create the strategic epicentre of the South. Offering a net lettable space (NLA) of approx. 1.1 million sq. ft., Mall of Medini is reputably the southern region’s largest retail development yet – even larger than the iconic Pavilion in Kuala Lumpur, or the renowned Vivo City in Singapore. When completed, this regional mall will be a one-stop leisure and lifestyle entertainment centre – pushing the boundaries of retail landscape in Johor, whilst offering a wide variety of niche brands, gourmet establishments, as well as leisure activities and entertainment facilities that cater to the most discerning of shoppers. There is also an amusement hub, a seven-hall cineplex and a hybrid-box furniture mall. A boutique serviced apartment is also in the pipeline to satisfy the rising market demand and an ever growing population.
Mall designation: Mall of Medini
Developer: Nusajaya Lifestyle Sdn. Bhd. (UEM Sunrise Berhad / Iskandar Harta Holdings Sdn. Bhd.)
Site location: Medini Iskandar Malaysia, Iskandar Puteri, Johor
Net lettable area (NLA): 1.1 million sq. ft.
Gross development value (GDV): RM1 billion
Year of completion and opening: 2017
Homepage: www.nusajayacity.com/commercial/com_mm.html
Setia City Mall
Setia City Mall is the first retail mall in Setia Alam sited right besides Sunsuria 7th Avenue and fronting the Central Park. The RM450 million neighbourhood mall is developed by property giant SP Setia, and funded by the Asian Retail Investment Fund (an international investment arm of Lend Lease). Located at the centre of a thriving 4,000 acres of Setia Alam township development, the 3-storey retail mall have approx. 700,000 sq. ft. of net lettable area (NLA) which accommodates eleven major retailers and 230 other specialty stores. Four anchor tenants occupy Setia City Mall, namely Parkson, Golden Screen Cinemas, Wangsa Bowl and Harvey Norman. Setia City Mall is fully equipped with an outdoor dining area and occupied by a variety of alfresco restaurants overlooking a large park and lake. In addition, there are numerous F&B outlets within the mall as well as a food court. The 10.5 acres landscaped park is installed with a water-jet plaza and supported by children’s play facilities. There are over 2,500 car park bays within mall itself. Setia City Mall is easily accessible via New Klang Valley Expressway (NKVE) and Jalan Meru. It is also nearby Federal Highway and Selat Klang Highway accesses.
Mall designation: Setia City Mall
Developer: SP Setia
Site location: Setia Alam, Shah Alam
Net lettable area (NLA): 740,000 sq. ft.
Gross development value (GDV): RM450 million
Year of completion and opening: 2014
Homepage: www.setiacitymall.com
The Starling
Dubbed ‘The Mall in a Park’, The Starling is a neighbourhood mall situated right in the middle of a busy retail centre and business shop-lots of SS 21, Damansara Uptown. Wholly developed by See Hoy Chan Group, the 5-storey starling bird-themed shopping mall has a gross development value (GDV) of RM350 million with a net lettable area (NLA) of approx. 450,000 sq. ft., and is an integral part of UPtown Residences’ mix development area encompassing the adjacent twin residential towers nearby. The mall also features a Sky Park rooftop with exclusive alfresco dining under the moonlit sky. Vertical green walls are specially positioned within strategic localities throughout the mall to improve indoor air quality whilst a large skylight provides ample natural sunlight. This refreshing eco-lifestyle green mall is also home to a dedicated ‘Chirp Park’, a sprawling 27,500 sq. ft. garden park comprising of natural lawn, blooming trees and meandering brooks. Major anchor tenants include the supermarket Jaya Grocer, home improvement store SSF, and upcoming local cinema chain MBO Cineplex. The Starling is truly set to offer a holistic retail mix as well as a gourmet dining experience like never before!
Mall designation: The Starling
Developer: See Hoy Chan Group
Site location: SS 21, Damansara Uptown
Net lettable area (NLA): 450,000 sq. ft.
Gross development value: RM600 million
Year of completion and opening: 2016/2017
Homepage: www.thestarling.com.my
Glo Damansara
Glo Damansara is a premier neighbourhood lifestyle mall situated in Taman Tun Dr. Ismail (TTDI), adjacent to Damansara Kim (SS 20, P.J.), and strategically located along the busy intersections of Jalan Damansara and Lebuhraya Damansara-Puchong (LDP) expressway. It resides just 150 metres away from another popular neighbourhood mall, within walking distance across the busy Damansara highway – Tropicana City Mall (i.e. a Tropicana Corp development). A retail mall developed under Glomac Corporation, Glo Damansara brings forth a new dimension to the modern shopping experience. Being closer to the heart of uptown Damansara neighbourhood and communities, Glo Damansara fulfills the needs of families and working professionals in the vicinity with its fun atmosphere and cozy ambience. There is truly something for everyone at Glo Damansara – where the sun always shines, and a neighbourhood mall that constantly glows in the hearts of shoppers!
Mall designation: Glo Damansara
Developer: Glomac Corporation
Site location: Jalan Damansara, TTDI
Net lettable area (NLA): 300,000 sq. ft.
Gross development value: RM120 million
Year of completion and opening: 2015/2016
Homepage: www.glodamansara.com.my
MyTOWN Shopping Centre
MyTOWN is a new family and lifestyle shopping centre residing in the heart of KL city centre, and anchored by the largest IKEA in Malaysia. It is jointly-developed and owned by local developer Boustead Holdings Berhad and international Swedish mall retailer Ikano Pte. Ltd. Approximately 460 retail shoplots fill the spacious five-level shopping mall. Seamless connectivity to major highways and a direct tunnel link from the underground Cochrane MRT station also adds to its excellent accessibility. What sets this shopping centre apart from other malls are the lush greeneries, scenic restaurants and chic cafes with their stylish alfresco settings serving up a delectable mix of exquisite cuisines. With metropolitan K.L. being the main focus of global retailers, this unique shopping centre caters to the needs and demands of shoppers seeking a place which offers niche products and new experiences that enrich their daily lives. MyTOWN’s close proximity to densely populated areas allows 1.6 million targeted shoppers to access the mall within just ten-minute’s drive. Over five million potential shoppers are estimated to be based within a half-hour’s drive time. MyTOWN is also home to the largest IKEA hyperstore in Malaysia, with projected launch and opening in March 2017.
Mall designation: MyTOWN
Developer: Boustead Holdings / Ikano Pte. Ltd.
Site location: Jalan Cochrane, Kuala Lumpur
Net lettable area (NLA): 1.1 million sq. ft.
Gross development value: RM3 billion
Year of completion and opening: 2017
Homepage: www.mytownkl.com.my
Sunway Velocity Mall
Sunway Velocity is another flagship development from the Sunway Group of Malls. This behemoth 7-level mall is rated as being in the same league as Suria KLCC, KL Pavilion and Nu Sentral. With a retail floorspace in excess of one million sq. ft. makes it a viable candidate and credible competitor. Sunway Velocity will also be among six new malls added to the group’s current four, namely Sunway Pyramid in Sunway Resort City in Petaling Jaya, Sunway Giza in Kota Damansara, Sunway Putra Mall in Kuala Lumpur, as well as the upcoming Sunway Carnival in Penang. Plans are also underway for Sunway Paya Terubong in Air Itam, Penang; Sunway Ipoh which is adjacent to ‘The Lost World of Tambun’; and Sunway Iskandar in Iskandar Puteri, Johor. Sunway Malls already has some 1,600 acres mall banks and mall extentions within Sunway Pyramid and Penang’s Sunway Carnival themselves. Sunway Group continues to pave the way in making its mark in the booming local mall industry with its unique and spectacular shopping malls!
Mall designation: Sunway Velocity
Developer: Sunway Properties
Site location: Lingkaran SV, Taman Cheras
Net lettable area (NLA): 1 million sq. ft.
Gross development value: RM3.6 billion
Year of completion and opening: 2016
Homepage: www.sunwayvelocitymall.com.my
Cheras Sentral Mall
The iconic Plaza Phoenix used to be a landmark shopping centre located on the intersection of the Cheras-Kajang Highway has now been rebranded as Cheras Sentral. The previously dilapidated mall is now under the new management of principal owner and property developer Mayland Properties. Apart from the new facelift and makeover given to Phoenix Plaza, the integration of a 300-room Silka Hotels (a subsidiary of Dorsett Regency Hotel) is set breathe new life into the ageing mall. Apart from its anchor hotel partner, Cheras Sentral basically offers the typical trappings of a bustling suburban neighbourhood mall such as branded outlets and gourmet eateries. Signature stores include Jaya Grocer, TGV Cinemas, Celebrity Fitness, Starbucks Coffee, Moon Palace, among others. There is also an amusement park called M Squared as well as a dedicated IT marketplace. With an adjacently-connected MRT station due to be operational sometime in mid-2017, the dormant phoenix of Cheras Sentral is set to rise from the ashes once more!
Mall designation: Cheras Sentral Mall
Developer: Mayland Properties
Site location: Taman Len Seng, Cheras
Net lettable area (NLA): 500,000 sq. ft.
Gross development value: RM307 million
Year of completion and opening: 2014
Homepage:
DC Mall @ Damansara City Mall
Affectionately known as DC Mall (“DC” as in the Hollywood superhero moniker), Damansara City Mall is the first shopping mall in Malaysia to adopt the BTS (‘build-then-sell’) marketing strategy approach to accommodate or fill up their shop lots and retail spaces. Guocoland (M) Berhad, the property arm of Hong Leong Group (HLG), targets the completion of its RM2.5 billion Damansara City by mid-2016, and it is aligned to Pusat Bandar Damansara mass rapid transit (MRT) station. The 6.02-ha Damansara City, which is under active construction, is the first high-density mixed development in the Damansara Heights area, comprising 370 units of luxury serviced apartments, two Grade-A office towers, a five-star boutique hotel and a four-storey retail mall which now open to shoppers. The commencement of operation of the MRT Sungai Buloh-Semantan Line creates a bright prospect for the urban enclave of Damansara Heights as well as its vicinity.
Mall designation: DC Mall
Developer: GuocoLand (M) Berhad
Site location: Damansara Heights, Kuala Lumpur
Net lettable area (NLA): 170,000 sq. ft.
Gross development value: RM2.5 billion
Year of completion and opening: 2016
Homepage: www.damansaracity.com.my
Evolve Concept Mall @ EVOLVE
Evolve Concept Mall is a contemporary suburban mall located in Ara Damansara, Petaling Jaya. In a bid to strengthen its finances, local construction company JAKS Resources Berhad has plans to divest its EVOLVE mall business in the future. The neighbourhood mall itself has a net lettable area (NLA) of some 460,000 sq. ft., and a good retail mix which includes LOGO Fashion Lounge & Gallery, H&M, F.O.S, Celebrity Fitness, Guardian pharmacy, Jaya Grocer supermarket, and various F&B outlets such as Peninsula Chinese fusion cuisine, Texas Chicken restaurant, FoodZine food court, and a standalone convention hall. The 4-storey mall which was open in 2016 is conveniently connected via the Ara Damansara LRT station.
Mall designation: Evolve Concept Mall (EVOLVE)
Developer: JAKS Resources Berhad
Site location: Ara Damansara, Petaling Jaya
Net lettable area (NLA): 460,000 sq. ft.
Gross development value: RM900 million
Year of completion and opening: 2016
Homepage: www.evolve-my.com
Star Avenue Lifestyle Mall
Star Avenue Lifestyle Mall is strategically located at the centre of several booming townships with huge population catchment areas from established town centres and matured neighbourhoods in its vicinity. Situated along the busy Jalan Sungai Buloh highway, Star Avenue Lifestyle Mall is a maiden mall project developed by Mah Sing Group. Its unique and majestic space-themed neighbourhood mall with attached walkway boulevard is tailored for weekend bazaars, seasonal festivities, fun expos, as well as a wide range of gourmet restaurants, alfresco cafes, fine diners and entertainment outlets. Mah Sing’s four-storey mall development is the first commercial project affronting Jalan Sungai Buloh, and is accessible via the new Sungai Buloh expressway, enroute to Shah Alam and Kota Damansara.
Mall designation: Star Avenue Lifestyle Mall
Developer: Mah Sing Group (MAH SING)
Site location: Shah Alam / Sungai Buloh
Net lettable area (NLA): 277,086 sq. ft.
Gross development value: RM1.4 billion
Year of completion and opening: 2015
Homepage:
Da Men Shopping Mall @ da men
A mall development under the Sime UEP Group, Da Men is a mixed commercial and residential development located in USJ 1, Subang Jaya. The whopping 8.6 acre mall is constructed over Giant’s former warehouse at the intersection of Persiaran Kewajipan and Persiaran Subang Permai. It is just adjacent to Summit USJ which is undergoing its own rebranding exercise as well as extensive renovations in a bid to revive and recapture dwindling sales from its new neighbour. Da Men consists of serviced apartments, retail shoplots and a retail mall. Spread over seven floors with a total built-up area of over 400,000 sq. ft., Da Men shopping mall offers an ecletic mix of art corners, fashion outlets, specialty stores, branded retailers, gourmet restaurants, alfresco dining, and a sprawling international food court.
Mall designation: Da Men
Developer: Sime UEP Group
Site location: USJ 1, Subang Jaya
Net lettable area (NLA): 400,000 sq. ft.
Gross development value: RM220 million
Year of completion and opening: 2016
Homepage: www.damen-mall.com
Mitsui Outlet Park
The Mitsui Outlet Park KLIA Sepang launched in Kuala Lumpur as the first flagship mall in the Asean outlet market with a unique mall concept, is jointly developed and adapted to Malaysian shopping culture based on Mitsui Fudosan’s brand philosophy, and by far the largest outlet mall in Southeast Asia. The outlet park is part of the KLIA Aeropolis initiative spearheaded by Malaysia Airports in an effort to develop KLIA Sepang as an integrated airport city. The brainchild of MFMA Development Sdn. Bhd., a joint-venture company between Mitsui Fudosan Co. Ltd. (Mitsui Fudosan) and Malaysia Airports Holdings Berhad (MAHB), the mall is located nearby KLIA and is directly accessible via Federal Highway. Free shuttle bus services to KLIA and klia2, as well as bus services from K.L., are also provided.
Mall designation: Mitsui Outlet Park
Developer: Mitsui Fudosan / MFMA Development
Site location: KLIA, Sepang
Net lettable area (NLA): 400,000 sq. ft.
Gross development value: RM60 million
Year of completion and opening: 2015
Homepage: www.mitsuioutletparkklia.com.my
DPULZE Cyberjaya
One of Cyberjaya’s first ever shopping mall, D’Pulze Shopping Centre is an integrated development consisting of two 4-star hotels, two blocks of serviced apartments and a neighbourhood mall located amid the fledgling township’s busy and bustling central business district (CBD). Solely developed by Dpulze Ventures Sdn. Bhd. (formerly known as U Land Sdn. Bhd.), the project comprises 4.3 acres of freehold land with a gross development value (GDV) of about RM500mil. The sprawling mall is owned and managed by DPulze Ventures, with a built-up area of approx. 400,000 sq. ft. and houses some 1,000 carpark bays. This is one major urban shopping mall outside of Klang Valley that has taken Cyberjaya by storm – as well as literally setting the multimedia city ablaze and abuzz with shoppers!
Mall designation: DPULZE
Developer: DPulze Ventures (formerly U Land Sdn. Bhd.)
Site location: Persiaran Multimedia, Cyberjaya
Net lettable area (NLA): 400,000 sq. ft.
Gross development value: RM500 million
Year of completion and opening: 2014
Homepage: www.dpulze.com
IOI City Mall
Nestled at the heart of the 788-acre global township, IOI Resort City offers one of the most comprehensive and unparalleled ‘mega mall’ experience for visitors and patrons. Another milestone for IOI Properties, the property group’s philosophy is in line with its retail-driven and community-focused strategy to ensure complete satisfaction upon delivery of its brand promise. Various retail components sit atop a 36.5-acre land with a built-up area over 8 million sq. ft. with over 7,000 parking bays to boot. The development itself is inspired by its “A City in Garden Concept” theme, whereby architecture blends in seamlessly with the landscape, as well as its retail and entertainment components with tranquillity and relaxation of divine spas and wellness centres. With an overall GDV (i.e. gross development value) of RM1.5 billion, IOI City Mall open in Nov 2014 with much fanfare, followed suit by IOI City Towers and IOI City Hotel, as well as the prestige Le Meridien Putrajaya.
Mall designation: IOI City Mall
Developer: IOI Properties
Site location: IOI City, Putrajaya
Net lettable area (NLA): 1.4 million sq. ft.
Gross development value: RM1 billion
Year of completion and opening: 2014
Homepage: www.ioicitymall.com.my
Pavilion Bukit Jalil @ Pavilion 2
It is yet another feather in the cap for property giant Malton Berhad (MALTON) whose penchant for mammoth projects is a testament to its mighty reputation, notwithstanding the runaway success of Pavilion KL @ Bukit Bintang itself. Much of Pavilion’s iconic brand name will be put to the test with the upcoming Pavilion 2 @ Bukit Jalil City which has garnered worldwide attention from both developers and investors alike globally. Pavilion 2 is set to rival some of the biggest retail malls in Klang Valley when it is due to open sometime in 2017. The key strategic component of the 50-acre Bukit Jalil City is none other than Pavilion 2 shopping mall and its other integrated features. It would be quite a challenge for Pavilion 2 to match the success of its predecessor due to the strategic and prime location of KL Golden Triangle, a well-known international shopping hub within the Asian region. Pavilion 2 Bukit Jalil is accessible via the MRRII and Kesas expressways – sandwiched between KLCC, Petaling Jaya, Puchong, Putrajaya, and Cyberjaya.
Mall designation: Pavilion 2 @ Bukit Jalil
Developer: Malton Berhad (MALTON)
Site location: Bukit Jalil City Centre (BJCC)
Net lettable area (NLA): 2 million sq. ft.
Gross development value: RM400 million
Year of completion and opening: 2017
Homepage: www.bukitjalilcity.com/index.php/pavilion
KL Gateway Shopping Mall
Situated at the heart of bustling metropolitan cities of Kuala Lumpur, Petaling Jaya and Bangsar, stands the iconic KL Gateway, a signature integrated mixed development by Suez Capital Sdn. Bhd. (SuezCap). It is a unique concept of the “Green Vertical Township” as the ideal getaway to a much sought-after balanced and modern lifestyle. KL Gateway sits atop 7.71 acres of prime urban land which comprises premium high-rise residences, corporate office towers, and a world-class urban shopping mall. The mall also serves as a strategic hub or epicentre connecting the various real estate components of corporate office towers, prime residential blocks, shopping patrons, as well as shop retailers. KL Gateway Mall is the perfect venue for retail therapy, social networking, and ultimate relaxation. Set to open its doors soon to KL urbanites and city folks sometime in March 2017.
Mall designation: KL Gateway Mall
Developer: Suez Capital Sdn. Bhd. (SuezCap)
Site location: Bangsar South, Kuala Lumpur
Net lettable area (NLA): 500,000 sq. ft.
Gross development value: RM1.6 billion
Year of completion and opening: 2017
Homepage:
