In a third quarter of mixed results, CapitaLand Malaysia Mall Trust (CMMT) saw its net property income fall 2.2 per cent year on year to RM60.1 million (US$14.1 million).
East Coast Mall and Gurney Plaza turned in stronger performances to partially mitigate lower contributions from the trust’s Klang Valley shopping malls.
Cautious consumers and growing competition from new malls have affected Malaysia’s retail sector, says chairman David Wong of CapitaLand Malaysia Mall REIT Management (CMRM), which manages the trust.
“Our Klang Valley malls continued to be affected by the increased supply of retail space in the vicinity,” says CMRM CEO Low Peck Chen.
She says a reconfiguration of the basement level at Gurney Plaza to increase the F&B offering is expected to contribute to income from the fourth quarter.
“At Tropicana City Mall, a Japanese restaurant was added to the standalone F&B cluster
adjoining the office tower. Another restaurant will join the cluster next month to make a total
of four F&B outlets, all of which have extended hours past midnight to better meet the needs of consumers.
“Shoppers at The Mines will also find more shopping and entertainment choices on Level 4 following reconfiguration works.”
Meanwhile, a rejuvenation of the 40-year-old Sungei Wang Plaza is expected to start soon.
“During the quarter under review, we organised several family-oriented experiential marketing
activities to enhance the shopping experience, which drew more visitors to our malls.”