Continuous Vibrancy and Growth of Sunway Resort City
The vibrancy of the township is driven by on-going developments by Sunway Berhad within Sunway Resort City (“SRC”) with key developments such as The Pinnacle, Sunway (completed in December 2013), followed by Sunway University’s New Academic Block and Sunway Pyramid Phase 3 (retail cum hotel development) to be completed in 2015. All these developments are expected to result in added footfall to Sunway REIT’s assets in SRC on a sustainable basis and form pipeline assets to Sunway REIT.
The Pinnacle, Sunway, the only Multimedia Super Corridor (“MSC”) status Grade A green office tower in Bandar Sunway and Subang vicinity, is slated to be a new landmark within the area with its gleaming glass façade and pyramid shaped rooftop. The 27-storey office tower with a net lettable area (“NLA”) of 580,000 sq.ft. was accredited with Green Building Index (“GBI”) and Singapore’s Building and Construction Authority (“BCA”) Green Mark Gold certifications. The Pinnacle, Sunway
welcomed its first tenant in March 2014. As of July 2014, about 55 percent of the NLA has been occupied which include several prominent multinational tenants.
(6月份出席Sunway AGM，管理层透露The Pinnacle在4月的出租率为40%。Sunreit年报给的最新讯息，则是在7月份出租率有55% )
Sunway Berhad has also planned for the construction of Phase 3 of Sunway Medical Centre in Bandar Sunway comprising a 10-storey building and is slated for completion in 2017. The expansion plan is largely supported by the increasing demand from international patients, especially from Indonesia. Leveraging on the international accreditation awarded by the Australian Council on Healthcare Standards (“ACHS”) in April 2014, Sunway Medical Centre will be able to expand its services globally. By promoting medical tourism for the long term, we expect this to contribute positively to Sunway REIT’s assets especially the hospitality and retail segments.
Providing Modern and Convenient Transportation Systems Infrastructure
The 500,000 residents in Bandar Sunway, USJ and Subang areas will be able to enjoy better public transport connectivity by 2015 with the construction of the nation’s first Elevated Bus Rapid Transit (“BRT”) – Sunway Line and road upgrading and expansion projects. We expect the improved accessibility and convenience will attract more visitors to SRC, hence benefiting Sunway REIT’s assets.
The BRT-Sunway Line is a public-private partnership (“PPP”) between Syarikat Prasarana Negara Berhad (“Prasarana”) and Sunway. The 5.4km-long elevated and dedicated line will see a total of seven halts linking Setia Jaya KTM station and the future Kelana Jaya LRT Line Extension Station in
USJ 6 serviced by eco-friendly electric buses. With three halts located within the SRC, the project is currently more than 50 percent completed and on target to be completed in second half of 2015.
In order to ease the traffic congestion issue in Bandar Sunway, USJ and Subang areas, Sunway Group is working towards upgrading and expanding three major roads and highways in three phases. The first phase linking Sunway South Quay to Kesas Highway was completed in 2013. The work for second phase which is the elevated road linking Sunway South Quay to the New Pantai Expressway (“NPE”)
is expected to start in the next few years. Road widening works along the NPE from Sunway Pyramid Shopping Mall to Persiaran Kewajipan junction (“third phase”) have started in 2013 and are targeted to complete in first half 2015.
Sunway Group’s Loyalty Programme – Sunway Pals
In conjunction with Sunway Group’s 40th anniversary, Sunway Pals, a unique loyalty programme, was launched on 28 February 2014 as a gift to customers. Sunway Pals offers both rebates and savings from Sunway Lagoon, Sunway Medical Centre, Sunway University, Sunway Hotels, Sunway Lost World of Tambun and over 200 participating merchants at Sunway Pyramid Shopping Mall. Members are also
eligible to discounts when they purchase properties from Sunway Property.
More than 150,000 people have signed up as members since the launch, making Sunway Pals one of the fastest growing loyalty programmes in the country. This programme is available in card and cardless format; the latter runs on Apple iOS and Google Android mobile platforms. In the coming months, parking privileges at Sunway shopping malls (Sunway Pyramid Shopping Mall being the first) will
be added to the card, providing yet another exciting benefit to the members.
MESSAGE FROM THE CEO
Commendable Growth Backed by Resilient Asset Growth
FY2014 NPI and DPU grew marginally by 3.8 percent and 0.7 percent y-o-y to RM321 million and 8.36 sen respectively despite the lost/reduced income contribution of RM21.9 million from Sunway Putra Place. We believe our NPI and DPU would have dropped by 7.1 percent and 9.7 percent y-o-y respectively if the loss was not mitigated by our carefully planned and well executed strategies. In
addition, we have exceeded both our internal target of maintaining DPU at 8.3 sen and market estimates of 8.0 sen by 4.5 percent to 8.36 sen. Sunway REIT’s DPU has consistently beaten market consensus since FY2012.
How did we achieve this? The sustained earnings reflect the strategies planned and implemented over the years which are in the best interest of our unitholders. When we decided to acquire Sunway Putra Place in 2011, we had planned to make further significant investments involving a major refurbishment to turnaround the property. This decision also meant that there would be an unavoidable temporary setback in earnings resulting from the need to close the mall during the refurbishment, in order to achieve a long term sustained and higher returns from the investment. Hence, along with the refurbishment plans for Sunway Putra Mall back in 2012, we planned for mitigating strategies to cushion the loss of its contribution. The resilient growth of the existing assets underpinned by the double digit rental reversion (over a 3-year term) for both Sunway Pyramid Shopping Mall and Sunway Carnival Shopping Mall had played a significant role. Both the retail properties have consistently achieved a double digit rental reversion (over a 3-year term), supported by the continuous expansion plans by our sponsor within the townships and asset management initiatives undertaken by the Asset Manager to increase the attractiveness of the assets. To complement the asset management strategies, we had also lined up several asset enhancement initiatives (“AEIs”). During the year, we completed the expansion of
Sunway Pyramid Shopping Mall (known as Oasis Boulevard 5 or OB5¹) and it is now generating a healthy ROI of 12.5 percent. In addition, full year earnings impact from AEIs completed in the previous year, namely chillers retrofit at Sunway Pyramid Shopping Mall, refurbishment of Sunway Hotel Seberang Jaya and expansion of Menara Sunway with a blended ROI of 15 percent, also helped to cushion the adverse impact. Our proactive capital management strategies which were initiated in the later part of FY2012 also played an important role. The continuous proactive capital management has resulted in interest savings of more than half a million for FY2014 and this savings flowed directly to the bottom line.
Once again, the resiliency of our assets, the abilities and skill sets of our people and the well planned and executed strategies enabled us to deliver a sustainable return to unitholders with a 4-year DPU CAGR of 8.3 percent since IPO.
Managing Short-term Pain for Long-term Gain
Sunway Putra Place’s refurbishment which is estimated to cost approximately RM460 million was our key AEI focus in FY2014 and the refurbishment work will continue into FY2015. We take cognisance that this project which spans approximately 2 years from May 2013 has caused short term pain. Hence, our main focus for FY2015 is to ensure that the project is completed within the timeline, budget and
quality so that contribution could resume as planned. We actively engage with our project delivery partners (“PDP”) to drive this goal and to resolve challenges that could potentially derail the plans. The integrated 3-in-1 mixed-use development has rendered the refurbishment extremely difficult as the hotel and office tower remain in operations. With hotel guests and office tenants at the property on 24/7 basis, our PDP had to manage the refurbishment in a manner that cause minimal disruptions.
Sunway Putra Mall is poised to transform itself into one of the leading malls in Kuala Lumpur that appeals to the cosmopolitan lifestyle of the urban population and tourists. We are confident that we are able to attract more affluent shoppers with middle and mid-upper income earnings due to our right tenancy mix and its prime location. Sunway Putra Mall is on track to commence operation in 3QFY2015
with target occupancy of more than 70 percent. Although we are on track to meet the target completion timeline, we are challenging ourselves to reopen the shopping mall earlier than planned. Unitholders can expect higher DPU if Sunway Putra Mall reopens earlier than target.
We have accelerated the refurbishment plans for Sunway Putra Hotel and Sunway Putra Tower alongside with Sunway Putra Mall in order to reap the full synergies and compatibility of the 3-in-1 mixed-use asset upon its expected completion by mid-2015.
Unitholders can expect to reap the fruits of this short-term pain from FY2015 and beyond. The NPI for Sunway Putra Place is estimated to be at least double post refurbishment compared to FY2013 with an estimated ROI of 7.5 to 8.5 percent. We expect DPU to grow moderately in FY2015 followed by the expected quantum leap in earnings to deliver a double digit growth in FY2016 barring any unforeseen circumstances.
Challenging but Exciting Year Ahead
Having gone through a challenging and busy year, we expect an equally challenging and exciting year ahead. Despite the competitive and inflationary operating environment, we expect our assets to continue to perform well given their competitive edges, i.e. strategic location, strong brand name and experienced management team. However, we would like to caution on Sunway Tower’s performance as the anchor tenant will surrender approximately 72,000 sq.ft. NLA in FY2015. We would like to assure our unitholders that we are actively looking for new tenants to minimise the negative impact. Nevertheless,
the impact on financial performance would be minimal as the contribution from Sunway Tower is only 3.2 percent of total NPI and we view this as an opportunity for us to further improve the tenancy mix of this building to be less reliant on the anchor tenant.
We are not pursuing our earlier target of one acquisition per year under the current market situation. The REIT yield decompression vis-à-vis property yield compression coupled with stiffer competition from other asset investors makes it very challenging to make any yield accretive acquisitions. We believe that an opportunity such as Sunway Putra Place where we can value add to create quantum leap in earnings will not be easy to come by. It is our strategy to ensure that acquisition growth will remain as Sunway REIT’s key growth driver over a longer term. Hence, we will continue to explore third party opportunities as well as pipeline assets with a prudent and cautious stance as we are committed to enhance unitholders value. We will maintain a strong balance sheet with proactive capital management strategies and await the right property cycle to grasp opportunities when they arise.
Sunway Putra Mall Refurbishment
The refurbishment commenced in May 2013 and will take approximately 22 months with target completion in 3QFY2015. The project with an estimated cost of RM307 million involves the creation of approximately an additional 71,000 sq.ft. of NLA bringing total NLA to approximately 578,000 sq.ft
（22个月，并从May 2013算起，要到2015年3月才满22个月了。）
The project aims to create a new identity for the mall and revive it as an exciting shopping and entertainment destination. Retail layout plan, connectivity, traffic circulation and carpark facility will be improved and the shopping mall will be repositioned as a lifestyle urban-chic mall that caters to the mid and mid-upper clientele with merchandise mix from the low bridge to the fashion edge spectrum.
The refurbishment is approximately 60% complete as at 30 June 2014 and is progressing in accordance with plans. The Asset Manager is in the process of leasing the space and has achieved a take up of more than 65% of total NLA as at 30 June 2014. Sunway Putra Mall will have several reputable mini anchor tenants which include Cold Storage, Sports Direct, Taste Enclave and TGV Cinemas.（有戏院就有人潮）
FUTURE SUPPLY OF SHOPPING CENTRES IN PETALING JAYA, SUBANG JAYA/SUNWAY & DAMANSARA
Petaling Jaya and its surrounding areas still remain an attractive location for shopping malls and entertainment activities. As the premier mall within the state of Selangor, Sunway Pyramid Shopping Mall continues to maintain its position by maintaining its occupancy rate of about 98% with mid-to-upper mid outlets and various leisure opportunities. Sunway Pyramid Shopping Mall’s performance is expected to remain healthy with the support of a fairly strong catchment of 1.6 million within a 10km radius which has a mixed population of middle to high income and the growing affluence of population within the state.
In 2013, there was no new supply in Petaling Jaya, Subang Jaya/Sunway and Damansara area. It is anticipated that in 2014, six new shopping malls with retail space of approximately 3.62 million sq.ft. will enter the market and in 2015, four malls with retail space of approximately 1.01 million sq.ft. will be added further. With the completion of these new malls within the next two to three years there will
be some pressure on the occupancy rate as competition will intensify. The upcoming shopping malls in Petaling Jaya, Subang Jaya/Sunway & Damansara are tabulated in Table 2.2.
ONGOING INITIATIVES – IN COLLABORATION WITH THE SPONSOR
Sunway REIT’s sponsor, Sunway Berhad is currently undertaking the Sunway Pyramid Shopping Mall Phase 3 project, which will feature an additional 2 levels of retail floors with NLA of approximately 63,000 sq.ft., 11 levels of car park and a hotel facility. This project will be connected to Sunway Pyramid Shopping Mall via basement car park levels and Lower Ground One (“LG1”). The Asset Manager shall collaborate with the sponsor to ensure seamless connection as well as future operations of the retail space. The retail space together with its ample carpark facility with approximately 729 bays will further complement the existing mall.
吸收多一点公司资料，对自己才是最有利的：）
Sunreit的春天就是等Sunway Putra Mall开张后。
另外，就是不懂以上所写的Sunway Pyramid Shopping Mall Phase 3 project所增加两层的retail floors，将来租金是否属于Sunway Pyramid，也就是Sunreit的呢？
现在倒数2015年6月份，大概还有10个月的时间。
其实，时间是很快过的，继续把注意力专注在公司业务发展：）
也许你也有兴趣阅读以下文章；
The vibrancy of the township is driven by on-going developments by Sunway Berhad within Sunway Resort City (“SRC”) with key developments such as The Pinnacle, Sunway (completed in December 2013), followed by Sunway University’s New Academic Block and Sunway Pyramid Phase 3 (retail cum hotel development) to be completed in 2015. All these developments are expected to result in added footfall to Sunway REIT’s assets in SRC on a sustainable basis and form pipeline assets to Sunway REIT.
The Pinnacle, Sunway, the only Multimedia Super Corridor (“MSC”) status Grade A green office tower in Bandar Sunway and Subang vicinity, is slated to be a new landmark within the area with its gleaming glass façade and pyramid shaped rooftop. The 27-storey office tower with a net lettable area (“NLA”) of 580,000 sq.ft. was accredited with Green Building Index (“GBI”) and Singapore’s Building and Construction Authority (“BCA”) Green Mark Gold certifications. The Pinnacle, Sunway
welcomed its first tenant in March 2014. As of July 2014, about 55 percent of the NLA has been occupied which include several prominent multinational tenants.
(6月份出席Sunway AGM，管理层透露The Pinnacle在4月的出租率为40%。Sunreit年报给的最新讯息，则是在7月份出租率有55% )
Sunway Berhad has also planned for the construction of Phase 3 of Sunway Medical Centre in Bandar Sunway comprising a 10-storey building and is slated for completion in 2017. The expansion plan is largely supported by the increasing demand from international patients, especially from Indonesia. Leveraging on the international accreditation awarded by the Australian Council on Healthcare Standards (“ACHS”) in April 2014, Sunway Medical Centre will be able to expand its services globally. By promoting medical tourism for the long term, we expect this to contribute positively to Sunway REIT’s assets especially the hospitality and retail segments.
Providing Modern and Convenient Transportation Systems Infrastructure
The 500,000 residents in Bandar Sunway, USJ and Subang areas will be able to enjoy better public transport connectivity by 2015 with the construction of the nation’s first Elevated Bus Rapid Transit (“BRT”) – Sunway Line and road upgrading and expansion projects. We expect the improved accessibility and convenience will attract more visitors to SRC, hence benefiting Sunway REIT’s assets.
The BRT-Sunway Line is a public-private partnership (“PPP”) between Syarikat Prasarana Negara Berhad (“Prasarana”) and Sunway. The 5.4km-long elevated and dedicated line will see a total of seven halts linking Setia Jaya KTM station and the future Kelana Jaya LRT Line Extension Station in
USJ 6 serviced by eco-friendly electric buses. With three halts located within the SRC, the project is currently more than 50 percent completed and on target to be completed in second half of 2015.
In order to ease the traffic congestion issue in Bandar Sunway, USJ and Subang areas, Sunway Group is working towards upgrading and expanding three major roads and highways in three phases. The first phase linking Sunway South Quay to Kesas Highway was completed in 2013. The work for second phase which is the elevated road linking Sunway South Quay to the New Pantai Expressway (“NPE”)
is expected to start in the next few years. Road widening works along the NPE from Sunway Pyramid Shopping Mall to Persiaran Kewajipan junction (“third phase”) have started in 2013 and are targeted to complete in first half 2015.
Sunway Group’s Loyalty Programme – Sunway Pals
In conjunction with Sunway Group’s 40th anniversary, Sunway Pals, a unique loyalty programme, was launched on 28 February 2014 as a gift to customers. Sunway Pals offers both rebates and savings from Sunway Lagoon, Sunway Medical Centre, Sunway University, Sunway Hotels, Sunway Lost World of Tambun and over 200 participating merchants at Sunway Pyramid Shopping Mall. Members are also
eligible to discounts when they purchase properties from Sunway Property.
More than 150,000 people have signed up as members since the launch, making Sunway Pals one of the fastest growing loyalty programmes in the country. This programme is available in card and cardless format; the latter runs on Apple iOS and Google Android mobile platforms. In the coming months, parking privileges at Sunway shopping malls (Sunway Pyramid Shopping Mall being the first) will
be added to the card, providing yet another exciting benefit to the members.
MESSAGE FROM THE CEO
Commendable Growth Backed by Resilient Asset Growth
FY2014 NPI and DPU grew marginally by 3.8 percent and 0.7 percent y-o-y to RM321 million and 8.36 sen respectively despite the lost/reduced income contribution of RM21.9 million from Sunway Putra Place. We believe our NPI and DPU would have dropped by 7.1 percent and 9.7 percent y-o-y respectively if the loss was not mitigated by our carefully planned and well executed strategies. In
addition, we have exceeded both our internal target of maintaining DPU at 8.3 sen and market estimates of 8.0 sen by 4.5 percent to 8.36 sen. Sunway REIT’s DPU has consistently beaten market consensus since FY2012.
How did we achieve this? The sustained earnings reflect the strategies planned and implemented over the years which are in the best interest of our unitholders. When we decided to acquire Sunway Putra Place in 2011, we had planned to make further significant investments involving a major refurbishment to turnaround the property. This decision also meant that there would be an unavoidable temporary setback in earnings resulting from the need to close the mall during the refurbishment, in order to achieve a long term sustained and higher returns from the investment. Hence, along with the refurbishment plans for Sunway Putra Mall back in 2012, we planned for mitigating strategies to cushion the loss of its contribution. The resilient growth of the existing assets underpinned by the double digit rental reversion (over a 3-year term) for both Sunway Pyramid Shopping Mall and Sunway Carnival Shopping Mall had played a significant role. Both the retail properties have consistently achieved a double digit rental reversion (over a 3-year term), supported by the continuous expansion plans by our sponsor within the townships and asset management initiatives undertaken by the Asset Manager to increase the attractiveness of the assets. To complement the asset management strategies, we had also lined up several asset enhancement initiatives (“AEIs”). During the year, we completed the expansion of
Sunway Pyramid Shopping Mall (known as Oasis Boulevard 5 or OB5¹) and it is now generating a healthy ROI of 12.5 percent. In addition, full year earnings impact from AEIs completed in the previous year, namely chillers retrofit at Sunway Pyramid Shopping Mall, refurbishment of Sunway Hotel Seberang Jaya and expansion of Menara Sunway with a blended ROI of 15 percent, also helped to cushion the adverse impact. Our proactive capital management strategies which were initiated in the later part of FY2012 also played an important role. The continuous proactive capital management has resulted in interest savings of more than half a million for FY2014 and this savings flowed directly to the bottom line.
Once again, the resiliency of our assets, the abilities and skill sets of our people and the well planned and executed strategies enabled us to deliver a sustainable return to unitholders with a 4-year DPU CAGR of 8.3 percent since IPO.
Managing Short-term Pain for Long-term Gain
Sunway Putra Place’s refurbishment which is estimated to cost approximately RM460 million was our key AEI focus in FY2014 and the refurbishment work will continue into FY2015. We take cognisance that this project which spans approximately 2 years from May 2013 has caused short term pain. Hence, our main focus for FY2015 is to ensure that the project is completed within the timeline, budget and
quality so that contribution could resume as planned. We actively engage with our project delivery partners (“PDP”) to drive this goal and to resolve challenges that could potentially derail the plans. The integrated 3-in-1 mixed-use development has rendered the refurbishment extremely difficult as the hotel and office tower remain in operations. With hotel guests and office tenants at the property on 24/7 basis, our PDP had to manage the refurbishment in a manner that cause minimal disruptions.
Sunway Putra Mall is poised to transform itself into one of the leading malls in Kuala Lumpur that appeals to the cosmopolitan lifestyle of the urban population and tourists. We are confident that we are able to attract more affluent shoppers with middle and mid-upper income earnings due to our right tenancy mix and its prime location. Sunway Putra Mall is on track to commence operation in 3QFY2015
with target occupancy of more than 70 percent. Although we are on track to meet the target completion timeline, we are challenging ourselves to reopen the shopping mall earlier than planned. Unitholders can expect higher DPU if Sunway Putra Mall reopens earlier than target.
We have accelerated the refurbishment plans for Sunway Putra Hotel and Sunway Putra Tower alongside with Sunway Putra Mall in order to reap the full synergies and compatibility of the 3-in-1 mixed-use asset upon its expected completion by mid-2015.
Unitholders can expect to reap the fruits of this short-term pain from FY2015 and beyond. The NPI for Sunway Putra Place is estimated to be at least double post refurbishment compared to FY2013 with an estimated ROI of 7.5 to 8.5 percent. We expect DPU to grow moderately in FY2015 followed by the expected quantum leap in earnings to deliver a double digit growth in FY2016 barring any unforeseen circumstances.
Challenging but Exciting Year Ahead
Having gone through a challenging and busy year, we expect an equally challenging and exciting year ahead. Despite the competitive and inflationary operating environment, we expect our assets to continue to perform well given their competitive edges, i.e. strategic location, strong brand name and experienced management team. However, we would like to caution on Sunway Tower’s performance as the anchor tenant will surrender approximately 72,000 sq.ft. NLA in FY2015. We would like to assure our unitholders that we are actively looking for new tenants to minimise the negative impact. Nevertheless,
the impact on financial performance would be minimal as the contribution from Sunway Tower is only 3.2 percent of total NPI and we view this as an opportunity for us to further improve the tenancy mix of this building to be less reliant on the anchor tenant.
We are not pursuing our earlier target of one acquisition per year under the current market situation. The REIT yield decompression vis-à-vis property yield compression coupled with stiffer competition from other asset investors makes it very challenging to make any yield accretive acquisitions. We believe that an opportunity such as Sunway Putra Place where we can value add to create quantum leap in earnings will not be easy to come by. It is our strategy to ensure that acquisition growth will remain as Sunway REIT’s key growth driver over a longer term. Hence, we will continue to explore third party opportunities as well as pipeline assets with a prudent and cautious stance as we are committed to enhance unitholders value. We will maintain a strong balance sheet with proactive capital management strategies and await the right property cycle to grasp opportunities when they arise.
Sunway Putra Mall Refurbishment
The refurbishment commenced in May 2013 and will take approximately 22 months with target completion in 3QFY2015. The project with an estimated cost of RM307 million involves the creation of approximately an additional 71,000 sq.ft. of NLA bringing total NLA to approximately 578,000 sq.ft
（22个月，并从May 2013算起，要到2015年3月才满22个月了。）
The project aims to create a new identity for the mall and revive it as an exciting shopping and entertainment destination. Retail layout plan, connectivity, traffic circulation and carpark facility will be improved and the shopping mall will be repositioned as a lifestyle urban-chic mall that caters to the mid and mid-upper clientele with merchandise mix from the low bridge to the fashion edge spectrum.
The refurbishment is approximately 60% complete as at 30 June 2014 and is progressing in accordance with plans. The Asset Manager is in the process of leasing the space and has achieved a take up of more than 65% of total NLA as at 30 June 2014. Sunway Putra Mall will have several reputable mini anchor tenants which include Cold Storage, Sports Direct, Taste Enclave and TGV Cinemas.（有戏院就有人潮）
FUTURE SUPPLY OF SHOPPING CENTRES IN PETALING JAYA, SUBANG JAYA/SUNWAY & DAMANSARA
Petaling Jaya and its surrounding areas still remain an attractive location for shopping malls and entertainment activities. As the premier mall within the state of Selangor, Sunway Pyramid Shopping Mall continues to maintain its position by maintaining its occupancy rate of about 98% with mid-to-upper mid outlets and various leisure opportunities. Sunway Pyramid Shopping Mall’s performance is expected to remain healthy with the support of a fairly strong catchment of 1.6 million within a 10km radius which has a mixed population of middle to high income and the growing affluence of population within the state.
In 2013, there was no new supply in Petaling Jaya, Subang Jaya/Sunway and Damansara area. It is anticipated that in 2014, six new shopping malls with retail space of approximately 3.62 million sq.ft. will enter the market and in 2015, four malls with retail space of approximately 1.01 million sq.ft. will be added further. With the completion of these new malls within the next two to three years there will
be some pressure on the occupancy rate as competition will intensify. The upcoming shopping malls in Petaling Jaya, Subang Jaya/Sunway & Damansara are tabulated in Table 2.2.
ONGOING INITIATIVES – IN COLLABORATION WITH THE SPONSOR
Sunway REIT’s sponsor, Sunway Berhad is currently undertaking the Sunway Pyramid Shopping Mall Phase 3 project, which will feature an additional 2 levels of retail floors with NLA of approximately 63,000 sq.ft., 11 levels of car park and a hotel facility. This project will be connected to Sunway Pyramid Shopping Mall via basement car park levels and Lower Ground One (“LG1”). The Asset Manager shall collaborate with the sponsor to ensure seamless connection as well as future operations of the retail space. The retail space together with its ample carpark facility with approximately 729 bays will further complement the existing mall.
吸收多一点公司资料，对自己才是最有利的：）
Sunreit的春天就是等Sunway Putra Mall开张后。
另外，就是不懂以上所写的Sunway Pyramid Shopping Mall Phase 3 project所增加两层的retail floors，将来租金是否属于Sunway Pyramid，也就是Sunreit的呢？
现在倒数2015年6月份，大概还有10个月的时间。
其实，时间是很快过的，继续把注意力专注在公司业务发展：）
也许你也有兴趣阅读以下文章；
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