Exclusive Content:

Preocupación por la salud de Paula Vázquez:...

Write a detailed and engaging article about Preocupación por...

Robot vakum Onson 2-in-1 adalah hadiah yang...

<strong|Photo Credit Source:news.google.com Write a detailed and engaging article about...

NFF Takziah Nwabali Atas Kematian Ayah –...

Write a detailed and engaging article about NFF Takziah...

Sunway REIT purchases Kluang Mall for RM158 million

Sunway Real Estate Investment Trust (Sunway REIT) has recently announced its acquisition of Kluang Mall located in Kluang, Johor for RM158 million. This move is part of Sunway REIT’s strategy to expand its portfolio and geographical footprint to central Johor, catering to the needs of over 320,000 residents in the Kluang district and attracting a potential market of around one million people in the surrounding areas.

The property, a free-standing four-storey shopping complex, boasts a gross floor area of approximately 808,000 sq. ft. and a net lettable area of about 360,000 sq. ft. With approximately 920 car park bays, the mall is well-equipped to cater to the needs of shoppers in the area. Currently, the property is 99% occupied with over 130 tenants, anchored by Pacific Hypermarket & Department Store, along with a variety of food and beverage outlets, lifestyle, and entertainment offerings.

Sunway REIT expects the property to generate an indicative net property income (NPI) yield of approximately 6.8%, outperforming its portfolio NPI yield of 5.7% for the financial year ended Dec 31, 2023. This acquisition will increase Sunway REIT’s assets under management (AUM) to RM9.8 billion, solidifying its position as the second-largest listed REIT in Malaysia by AUM.

Chief Executive Officer of Sunway REIT Management Sdn Bhd, Clement Chen, expressed his excitement about the acquisition, highlighting the strong occupancy and growth potential of Kluang Mall. Drawing on the success of their previous rejuvenation projects, Chen is confident in adding value and unlocking the potential of Kluang Mall in an underserved area.

The proposed acquisition is seen as an opportunity to capitalize on the untapped potential within the central Johor area, especially with the upcoming completion of the Gemas – JB Electrified Double Tracking rail project and ongoing road improvement works along the Batu Pahat – Ayer Hitam – Kluang federal route. Sunway REIT Management is optimistic about the growth prospects of Kluang Mall and aims to replicate the success of their previous projects in rejuvenating and enhancing the mall’s offerings.

With the expected completion of the acquisition by the fourth quarter of 2024, Sunway REIT is set to further strengthen its presence in the Malaysian real estate market and deliver value to its investors. The acquisition of Kluang Mall represents a strategic move for Sunway REIT, aligning with its growth objectives and commitment to enhancing its portfolio for long-term sustainability and profitability.

Latest

Preocupación por la salud de Paula Vázquez: en tratamiento médico – Superdeporte

Write a detailed and engaging article about Preocupación por...

Robot vakum Onson 2-in-1 adalah hadiah yang bagus untuk para orang tua hewan peliharaan, dan hanya $110 di Walmart. – BisnisUpdate.com

<strong|Photo Credit Source:news.google.com Write a detailed and engaging article about...

NFF Takziah Nwabali Atas Kematian Ayah – Complete Sports

Write a detailed and engaging article about NFF Takziah...

Newsletter

Don't miss

Secondhand Fashion Gains Popularity Among India’s Eco-Conscious Consumers – VOA Asia

In recent years, India has seen a growing trend...

Hennepin County sees decrease in car thefts, Sheriff Dawanna Witt shares reasons behind the trend.

Car thefts in Hennepin County have seen a significant...

NTB Kommunikasjon: Telenor har Norges beste og raskeste mobilnett ifølge Ookla Speedtest

According to a recent report by Ookla Speedtest, Telenor...

Preocupación por la salud de Paula Vázquez: en tratamiento médico – Superdeporte

Write a detailed and engaging article about Preocupación por la salud de Paula Vázquez: en tratamiento médico  Superdeporte. The article should be structured with clear...

Robot vakum Onson 2-in-1 adalah hadiah yang bagus untuk para orang tua hewan peliharaan, dan hanya $110 di Walmart. – BisnisUpdate.com

<strong|Photo Credit Source:news.google.com Write a detailed and engaging article about Robot vakum Onson 2-in-1 adalah hadiah yang bagus untuk para orang tua hewan peliharaan, dan...

NFF Takziah Nwabali Atas Kematian Ayah – Complete Sports

Write a detailed and engaging article about NFF Takziah Nwabali Atas Kematian Ayah  Complete Sports. The article should be structured with clear distinct paragraphs, each...