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aws试用账号(www.2km.me)_Insight - Sunway REIT sees benefits of diversification

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Setting the standard: Sunway Carnival Mall, situated in mainland Penang, will be one of the largest and most modern malls in Malaysia.

THE pandemic had left many retail-related business floundering; thus, Sunway Real Estate Investments Trust (REIT) is thankful that it had diversified from a retail-focused REIT to include industrial, healthcare and education assets into its portfolio.

That move has helped the group to mitigate the adverse impact of the pandemic on its retail and hotel segments which had been suffering since the beginning of the health crisis.

An all-time low footfall for its assets, on the back of movement restrictions and fear of the pandemic, had also battered the businesses of its tenants.

Various rental rebates, assistance programmes and third-party financing for affected tenants, cost containment and cash preservation initiatives were undertaken.

The trust and bond forged in this tumultuous period, had allowed the group to maintain a strong occupancy in its assets portfolio.

The group’s office segment remained resilient as its assets are strategically located with transit-oriented developments which benefitted from the surrounding business ecosystems.

“We are hopeful that a full recovery will take place in the second half of 2022, with the opening of international borders and arrival of international tourists,’’ said Sunway REIT CEO Datuk Jeffrey Ng.

Sunway REIT CEO Datuk Jeffrey NgIt bodes well for economic reopening that the adult population and adolescents aged between 12 to 17 have achieved more than 95% and 80% vaccinated, respectively.

From an initial portfolio of eight properties, Sunway REIT now has 18 properties comprising four retail malls, six hotels, four offices, a medical centre, an industrial property and a purpose-built campus.

Other than the major refurbishment of Sunway Resort Hotel, the group is excited over the prospects of its retail assets.

Sunway Carnival Mall, situated in mainland Penang, will be one of the largest and most modern malls in Malaysia; with over 750,000 sq ft, it will offer a range of international retailers, effectively transforming the retail scene of mainland Penang.

“Moving onwards to 2023, with the problems behind us, we are confident that after this time, we will be able to perform better than where we left off, pre-pandemic.

“We are beginning to see encouraging footfalls to our portfolio assets and retail sales are also seeing strong signs of recovery,’’ said Ng.

Business and consumer sentiment is also reinforced by the government’s efforts to stimulate growth through the 12th Malaysia Plan and Budget 2022.

“Human beings are social animals; retail and tourism will continue to be relevant as retail experience, leisure-tainment and social gatherings are paramount to healthy community living,’’ said Ng.

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