fbpx
Connect with us

News

Malaysians Can Expect 27 New Malls to Open in Kuala Lumpur by 2021

Published

27 New Malls Are Expected To Open In Kuala Lumpur By 2021 - World Of Buzz 2
Source: IGB Reit

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Time to brace yourself for an influx of even more malls, KL-ites!

According to Free Malaysia Today, 27 new malls are expected to open its doors to shoppers in greater Kuala Lumpur by 2021, bringing the overall number of malls in the city to a whopping 197 with 86.2 million square feet in retail space. Walao!

Here are just some of the upcoming malls that will be coming up in the next three years, according to property consultancy firm Savills (Malaysia) Sdn Bhd deputy executive chairman Allan Soo:

  • The Exchange Mall
  • Mitsui Shopping Park Lalaport
  • Merdeka PNB118 Mall
  • Pavilion Damansara Heights
  • Pavilion Bukit Jalil
  • Tropicana Gardens Mall
  • CentralPlaza Mall
  • Empire City Mall
27 New Malls Are Expected To Open In Kuala Lumpur By 2021 - World Of Buzz

Source: booking. Com

Soo was also quoted by The Sun Daily as saying that the average occupancy rate of retail space in greater KL was at 87.9 per cent last year. He cited Suria KLCC, Pavilion KL, Mid Valley Megamall, Sunway Pyramid and 1 Utama as top performing malls with an average occupancy rate of more than 90 per cent for each mall.

Despite the growing e-commerce scene in Malaysia, the deputy executive chairman explained that the retail market will experience a changing landscape in the long term as malls react to the millennium crowd and e-commerce’s disruptions.

Meanwhile, it was also predicted that there would be an additional supply of around 20 million square feet of shopping complexes and 22 million square feet of purpose-built offices available this year, which will likely lead to lower occupancy rates and decreasing rental charges.

27 New Malls Are Expected To Open In Kuala Lumpur By 2021 - World Of Buzz 1

Source: hommes

This growing number of buildings has raised concern among some, with property consultants Rahim & Co stating that the number of new commercial spaces available in the next two to five years may not be completely utilised. The property consultancy firm’s executive chairman Abdul Rahim Abdul Rahman stated,

“There is a worry that these spaces may not be occupied. The positive part of it is people who do business have choices and rentals may not be as high as before.”

“I don’t know the tipping point (for retail space) but I would be comfortable with an additional two million sq ft, not eight million sq ft or more.”

What do you think of the growing number of malls and retail spaces coming up in the next few years? Let us know in the comments below!

 

Also read: Shopping Malls in Klang Valley are Slowly Dying, Here Are the Signs

Shopping Malls In Klang Valley Are Slowly Dying, Here Are The Signs - World Of Buzz

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Collage 89 Collage 89
News11 hours ago

Johor Government May Implement a 4.5-Day Workweek in the Near Future

A 4-day workweek sounds ideal, but a 4-and-a-half day workweek doesn’t sound bad either. Johoreans may be in luck next...

My Post 1 2024 11 21T160023.537 My Post 1 2024 11 21T160023.537
News12 hours ago

“UPSR get D, SPM can get A” – PMX Responds to BERSIH Giving Him a Grade D in ‘Report Card’

Prime Minister Datuk Seri Anwar Ibrahim has opened up about BERSIH’s ‘report card‘ on his administration’s performance in conjunction with...

My Post 1 2024 11 21T114442.032 1 My Post 1 2024 11 21T114442.032 1
News16 hours ago

PDRM is Offering 60% Off Selected Traffic Summons at Govt’s 2nd Anniversary Event This Weekend!

In conjunction with the MADANI government’s 2nd anniversary on 24 November (Sunday), the Ministry of Home Affairs of Malaysia (KDN)...

Collage 17 1 Collage 17 1
News1 day ago

MCPF Calls for Vape Ban, Warns Addiction to Substances Can Lead to Unhealthy Behaviours Like Theft

The Malaysian Crime Prevention Foundation (MCPF) is urging for the sale of e-cigarettes or vape devices to be banned or...

Feat Image Lesen Feat Image Lesen
News1 day ago

Anthony Loke: Road Users in M’sia May Have to Pay for Physical Driving License Cards Starting Next Year

Transport Minister Anthony Loke Siew Fook today iterated that the Government will continue with the implementation of digital driving licenses...

Collage 15 2 Collage 15 2
News2 days ago

Filipino Couple Caught Living & Working Illegally in Malaysia Using Fake MyKads That Cost RM250 Each

A Filipino husband and wife were arrested during a raid on November 19 at a house in Pandan Indah yesterday...

Feat Image Apple Ind Feat Image Apple Ind
News2 days ago

Apple Offers to Increase Investment in Indonesia Tenfold to RM446 Million to Lift Country’s iPhone 16 Series Ban

Previously, we shared how the Apple iPhone 16 Series is banned from being sold in Indonesia until the tech giant...

My Post 1 2024 11 20T144359.263 My Post 1 2024 11 20T144359.263
News2 days ago

BERSIH Names Ismail Sabri the Best PM Since 2009, Calls Out PMX for Lack of Urgency with Reforms

In conjunction with the upcoming 2nd anniversary (24 November) of Anwar Ibrahim’s administration, The Coalition for Clean and Fair Elections,...

Announcement

Latest Videos



TRENDING TODAY