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Tag: Gurney Plaza

  • Klang Valley malls performed slower last year due to competition

    Klang Valley malls performed slower last year due to competition

    Stronger performances from Gurney Plaza and East Coast Mall compensated for a lower contribution from CapitaLand Malaysia Mall Trust’s Klang Valley shopping malls last year. CapitaLand Malaysia Mall REIT Management (CMRM), which manages CapitaLand Malaysia Mall Trust (CMMT), released its results this week, revealing net property income of RM215 million (US$52.57 million) for the year. Its distributable income was RM161.3 million.

    “Gurney Plaza and East Coast Mall, which collectively accounted for about 68 per cent of CMMT’s net property income, continued their growth momentum last year,” said Low Peck Chen, CEO of CMRM. “This helped to moderate the lower contribution from our Klang Valley malls, which continued to be affected by increasing competition in the vicinity, as well as downtime for asset enhancement works and lower rents at Sungei Wang and The Mines.”

    During the final quarter of last year,  the company completed the asset enhancement works at Gurney Plaza’s Level 4 and improved the tenant mix at East Coast Mall’s ground floor. Tenants, several of them new to Penang and Kuantan, have progressively commenced operations at the newly renovated spaces.

    “We expect the completed asset enhancement initiatives at both malls to contribute positively to our performance going forward,” said Chen.

    In Kuala Lumpur, Sungei Wang’s reconfiguration of its annex is on track and new-to-market and novel experiential concepts will feature in the Jumpa lifestyle zone when it opens in the second half of this year.

    “We continue to refresh our tenant mix to meet the diverse needs of our shoppers, who can now find popular stores like Huawei, Sport Planet and Mr DIY at 3 Damansara, as well as home improvement store SSF and children activity centre Olympic Kids Club at The Mines,” said Chen. “At Sungei Wang, the newly renovated main anchor Giant will soon unveil a fresh concept to draw more shoppers.”

    David Wong, chairman of CMRM, said that against a backdrop of “increasing uncertainties in the global economy and concerns around the rising cost of living,” the company expects consumer and business sentiments to remain cautious this year.

    “Despite the challenging operating environment, we will continue to strengthen CMMT’s performance by proactively managing lease renewals and exploring opportunities in asset enhancement initiatives and acquisitions that will create value for our Unitholders.”

    CMMT is a shopping mall-focused Reit with five shopping malls: Gurney Plaza in Penang, a majority interest in Sungei Wang in Kuala Lumpur, 3 Damansara and Tropicana City Office Tower in Petaling Jaya, The Mines in Seri Kembangan and East Coast Mall in Kuantan, Pahang. The portfolio has a total net lettable area of more than 2.9 million sqft and was valued at RM4.1 billion at the end of last year.

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  • Seoul Garden celebrates 35th anniversary with exciting deals

    Seoul Garden celebrates 35th anniversary with exciting deals

    Asian-Korean restaurant chain Seoul Garden has marked its 35th anniversary with a celebration at its first Malaysian outlet, in Gurney Plaza, Penang.

    The brand’s grill and steamboat buffet included marinated meats such as coffee chicken and beef bulgogi.

    Seoul Garden Group COO Siow Yong Wu says the brand has come a long way since its establishment in Singapore in 1983 as an a-la-carte eatery catering to Korean expatriates. He says they switched to a buffet concept before entering the Malaysian market in 2005 with the Gurney Plaza outlet.

    Penang franchisee Joseph Lee says Seoul Garden outlets were among the most popular dining venues because of their vast buffet, offering about 120 items.

    With 35 outlets across peninsular Malaysia, Sabah and Sarawak, the brand has also obtained halal certification.

    Group CEO Andrew Lee says all food items come from halal suppliers. “We have also re-engineered our proprietary grilling system to give customers a more comfortable, smoke-free dining environment.”

    Siow says the group intends to expand heavily, both within Malaysia and in neighbouring countries. Currently, the brand has a presence in Indonesia (Medan), Vietnam, the Philippines, Brunei and Myanmar.

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  • Omega Malaysia opens fourth boutique

    Omega Malaysia opens fourth boutique

    Omega Malaysia has opened its fourth boutique, at Suria KLCC in Kuala Lumpur.

    As well as a ribbon-cutting ceremony, there was a traditional lion-dance performance. Guests included actors Jojo Goh, Nazim Othman, Siti Saleha and Tasha Shilla, singer Sheila Majid and beauty queen Serene Lim.

    Omega president/CEO Raynald Aeschlimann told guests that the brand had established a strong presence in Malaysia over the past 11 years.

    He said the level-one store would showcase the Swiss luxury watch maker’s full range of products.

    Omega’s first boutique in Malaysia opened its first boutique in Starhill Gallery, Kuala Lumpur, in 2006, followed by stores in Pavilion Kuala Lumpur and Gurney Plaza, Penang.

    Like Omega’s other boutiques, the new store has a design inspired by the natural elements of air, water and sunlight, depicted using cream and champagne colours in the interior design, along with reconstituted zebrawood furniture and chiselled glass surfaces.

    Apart from watch collections, the store also offers fine jewellery, leather goods and sunglasses.
    Founded in 1848, Omega is a brand within the Swatch Group.

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  • CapitaLand Malaysia has strong first quarter

    CapitaLand Malaysia has strong first quarter

    New income from Tropicana City Mall and higher contributions from Gurney Plaza and East Coast Mall, CapitaLand Malaysia Mall REIT Management (CMRM) have propelled reported property income growth of 13.1 per cent for the first quarter.

    Tropicana City Mall and Tropicana City Office Tower were acquired in July last year.

    CMRM, which manages CapitaLand Malaysia Mall Trust (CMMT), says its net property income for the period was RM60.6 million (US$15.57 million), compared with RM53.6 million for the corresponding period the previous year.

    “Despite the challenging global economic environment, the Malaysian economy is forecast to grow 4 per cent to 4.5 per cent this year,” says CMRM chairman David Wong. “We expect consumer and business sentiments to remain cautious throughout the year as concerns over rising costs of living persist.”

    He says headwinds are also likely from intensifying competition as more retail space is scheduled for completion this year. However, the group is confident its portfolio of malls will continue to be resilient.

    Tropicana City Mall and the office tower accounted for 12.7 per cent of the group’s net property income, says CEO Low Peck Chen. This was also boosted by higher rates from new and renewed leases at Gurney Plaza and East Coast Mall.

    Despite the temporary impact of Mass Rapid Transit construction works on shopper traffic at Sungei Wang Plaza, the stable performance of other malls in the company’s diversified portfolio will help to cushion the effect, she says.

    “At Tropicana City Mall we embarked on asset-enhancement works, including the addition of a retail area on the ground floor next to the office tower.”

    Reconfiguration works will also create retail areas on Basement 1 and Level 7 later this year.

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