KUALA LUMPUR : Sunway Malls, Malaysia’s largest mall owner-operator by total retail space and number of properties, is accelerating its retail expansion with two new upcoming developments: Sunway Pier in Port Klang, Selangor, and Sunway Ipoh Mall in Sunway City Ipoh, Perak. Both malls are slated for completion by 2027.
Sunway Pier will offer approximately 400,000 square feet of retail space, while Sunway Ipoh Mall is poised to be one of the group’s largest assets, featuring a net lettable area (NLA) of 1.2 million square feet.
Further enhancing its portfolio, parent company Sunway Group has announced plans for a RM3 billion mixed-use development adjacent to the Bukit Chagar Rapid Transit System (RTS) Link station in Johor Bahru. Scheduled for completion by 2028, the development will feature a 400,000-square-foot retail component, reinforcing Sunway’s strategic footprint in key urban centres.
With these new projects, Sunway Malls—the retail division of Sunway Group—is expected to expand its portfolio to 13 malls, collectively offering 8.2 million square feet of NLA.
Future asset injections into Sunway REIT are anticipated to strengthen the group’s integrated property and investment platform, according to Sunway Malls Chief Executive Officer, Chan Hoi Choy.
Despite recent downward revisions to Malaysia’s gross domestic product (GDP) growth forecasts by the International Monetary Fund (IMF) and the World Bank, Chan remains confident in Sunway Malls’ growth trajectory. The group aims to maintain the 5 per cent growth achieved in 2024.
“Our retail business is closely correlated with national GDP growth, underpinned by millions of transactions recorded annually. Whether customers spend RM5 or RM5,000, the aggregated data provides a clear reflection of prevailing consumption trends,” Chan stated during the unveiling of the group’s 10th mall at Sunway City, Kuala Lumpur.
He added that historically, Sunway Malls has consistently outpaced national GDP growth and expects this trend to continue.
In 2024, Sunway Malls recorded 5 per cent year-on-year growth, with December sales increasing by 5.6 per cent year-on-year despite a shorter school holiday period. This positive momentum has been sustained into the first quarter of 2025, bolstered by festive spending during Chinese New Year and the school holidays.
The Klang Valley continues to be the group’s dominant market, contributing 67.2 per cent of total NLA, followed by the Southern region at 15.8 per cent and the Northern region at 17 per cent.
Sunway Square Mall, due to open in September, will span 300,000 square feet of NLA across four floors, accommodating over 150 retail outlets and offering 3,000 parking bays. Chan noted that 95 per cent of the mall’s retail space has already been successfully leased, with the remaining 5 per cent strategically reserved for tenants capable of delivering high-impact, experiential retail offerings.
“Our commitment to enhancing consumer engagement and maintaining a dynamic tenant mix remains central to our growth strategy,” Chan concluded.
–Business Times
