Kuala Lumpur Pavilion Sdn Bhd is optimistic that Pavilion Damansara Heights Mall in Damansara Heights, Kuala Lumpur, would attract investors and businesses, as Malaysia returns to some sense of normalcy after battling a pandemic.
The company's chief executive officer (retail), Datuk Joyce Yap, said the wide reopening of the nation's border and the return of international tourists to Malaysia augur well for the mall as it gets ready for its upcoming soft opening.
"We will continue to perfect our approach as we take into consideration prevailing and projected market trends so that the mall will continue to stand out as a must-visit location for both locals and tourists when it opens soon," Yap said.
The lifestyle centre has six levels and more than a million square feet of space.
Yap said that 70 per cent of the retail area has already received commitments. Phase 1 of the project is scheduled to open in May 2023, and Phase 2 will follow shortly after.
The mall has a land area of 15.89 acres and net lettable areas of 533,361 square feet for Phase 1 and 529,353 square feet for Phase 2, with a total retail mix composition of fashion (45 per cent), F&B (35 per cent), beauty (10 per cent), and urban leisure (10 per cent).
Yap said it is reassuring to see that the country's retail industry had a growth rate of 62.5 per cent in retail sales in the second quarter of this year, compared to 18.3 percent in the first quarter, in the Malaysia Retail Industry Report for September 2022.
Malaysia is anticipated to have an average growth rate of 5.3 per cent to 6.3 per cent in 2022, showcasing the nation's economic resiliency, and this is exciting for the company, she said.
"This same resilience, backed by strong consumer demand, will be favourable to us as we enter 2023," she said at the unveiling ceremony here yesterday.
Yap said that the company is more confident in its ability to achieve significant growth in the retail sector as a result of the revised tourist arrival target, which was increased from a conservative 4.5 million to 9.2 million, the RM1 billion allocation for tourism recovery in the 2023 Budget, as well as the RM200 million allotted for promotions and marketing.
The Pavilion Damansara Heights Mall, a component of the Pavilion Damansara Heights integrated development project with a gross development value (GDV) of more than RM5 billion, is being planned by KL Pavilion, the retail planner for Pavilion Kuala Lumpur.
Yap said that to make the area lively, the mall is designed as an integrated development that will also include 10 corporate skyscrapers, five luxury residential towers, and a proposed five-star hotel.
She said that the mall will smoothly merge with the Pusat Damansara Heights MRT station, adding it to the metro network's more than 100 train stations, which include important transportation hubs like KL Sentral, where trains run up to KLIA and Putrajaya.
According to her, the leasing strategy for the mall was developed based on the aspects that are important for a shopping mall's performance through intensive consumer research, focus groups, and early conceptualisation.
"This is the reflection of the company's commitment towards a data-driven destination to allow better decision-making for the mall's tenants and other stakeholders to maintain its competitive edge and increase the property value.
"With around 380 retail outlets, we are well-placed to serve diverse needs, which is a crucial ingredient for any successful mall. To be a complete lifestyle hub, we have curated not just a mere mall, but a complete place to live, work and play in," Yap said.