Shopping malls group says oversupply is not a problem

WHILE the number of shopping malls in Malaysia has risen to what some have called “worrying levels”, a recent survey reveals that the local retail property sector is still looking resilient despite the current market glut.

According to the Malaysian Shopping Malls Association’s (PPK Malaysia) Malaysia Shopping Mall Industry Survey 2018, there are currently 671 malls with a net lettable area ranging from a minimum of 50,000 sq ft to 2.2 million sq ft.

The survey, which comprised 47 respondent malls, revealed that the average occupancy rate stood at 92%, with an average month gross rental rate of RM7.87 per sq ft.

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