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Tag: Sungei Wang Plaza

  • Sungei Wang Plaza Will Be Getting a Major Facelift

    Sungei Wang Plaza Will Be Getting a Major Facelift

    Sungei Wang Plaza, one of Kuala Lumpur’s older malls, is getting a facelift.

    The mall’s majority owner Capitaland Malaysia Mall Trust’s (CMMT) has announced plans to transform the tired shopping centre into a “glistening-gold location” by the middle of next year. Renovations will feature a 3D screen that is to be part of a 24 hour lights display.

    Complex manager Yuen May Chee said: “The 3D-patterned screen will give a brand new modern outlook to Sungei Wang Plaza and it will glisten under the sunlight. Furthermore, the screen will form certain patterns during dawn and dusk.”

    The mall will also feature a new “Jumpa” zone to include a family entertainment park, large-format specialty retail stores, fashion brands, F&B, beauty products and a supermarket.

    Previously a noted fashion locale, the mall had declined in popularity as new developments entered the Malaysian shopping centre market. The planned renovations will be the mall’s third major refurbishment since 2013, and is expected to cost CMMT MYR54.5 million (US$13.2 million).

  • 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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