KUALA LUMPUR: The strategic acquisition of Pavilion Bukit Jalil has significantly enhanced Pavilion REIT's portfolio, underscoring its commitment to investing in high-quality assets that cater to the evolving needs of consumers, said Patrick Liau Kong Voon, deputy chief executive officer of Pavilion REIT.
Liau said that the mall is expected to achieve an occupancy rate of over 90 per cent by the end of 2024, indicating strong resilience and robust confidence from retailers eager to establish a presence in this award-winning mall.
"The acquisition of Pavilion Bukit Jalil was indeed the right decision. We remain committed to excellence by acquiring high-quality, well-managed, well-designed, and award-winning retail developments," he said in a statement.
He added that with stable occupancies, tenants are expected to perform better, allowing the retail management team to focus on evolving the retail mix, accelerating growth in retail trade, and enhancing the shopper experience.
Pavilion Bukit Jalil recently received the World Gold Winner award in the retail category at the FIABCI World Prix D'Excellence Awards 2024 in Singapore.
Puan Sri Cindy Lim, executive chairman of Pavilion Group and members of Pavilion REIT's board of directors hosted a celebration for a delegation of global international FIABCI leaders from North America, Europe, Africa and Malaysia in recognition of the award.
The visit showcased the mall's significance to the global retail sector and its appeal as an international must-visit destination.
Liau said this award underscores the mall's commitment to providing unparalleled retail experiences and setting gold standards in the industry.
Spanning over 1.8 million square feet across five floors, the mall offers a curated mix of retail experiences, dining options, entertainment, and lifestyle offerings.
The mall's commitment to sustainability and creating meaningful community spaces played a crucial role in earning the judges' favour, generating positive value for the immediate and neighboring areas.
Liau attributed the mall's success to its size, prime location, the growing neighborhood catchment, and international events hosted at the venue.
He also credited the Qatar Investment Authority, one of the world's leading investment authorities, for being a long-term partner and investor in Pavilion REIT's vision.
"We will continue to harness our strengths, leverage our resources, and implement strategic actions, by working alongside our stakeholders to promote Malaysia's retail industry on the world stage," he said.