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PETALING JAYA (Mar 1): The retail space in Klang Valley will hit the 60 million sq ft mark in 2017, said Savills Malaysia managing director Allan Soo.
He noted that the average occupancy rate of retail outlets is now approximately 90%, but may drop to around 85% when the newer malls are completed as they may take a longer time to fill up with tenants.
"Some of the factors that affect the occupancy rate of retail spaces are the location of the shopping mall and the size of the retail space offering that matches the retailer's needs," Soo told TheEdgeProperty.com at the Savills Malaysia Retail Conference 2016.
"The upcoming Pavilion in Damansara Heights currently under construction is an example of a mall in a good location, where there are day visitors from the offices nearby and also an upcoming MRT line (Sungai Buloh-Kajang line) which will facilitate the arrival of visitors," he added.
Soo gave the Ampang LRT line extension project which covers the area of Puchong now as an example.
"Puchong has a density of 700,000 residents, and with the line extension now, this will bring them to the city area," he explained.
Soo also noted that there was a 20% increase in sales volume in states such as Melaka and Johor where the Singaporeans took the opportunity to shop due to the weakened ringgit in September last year.
"The middle-income group is also looking at outlet malls where they can buy branded goods at discounted prices," he said.
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