Sunway Velocity Mall which is adjoined to V Residence Suites is set to open in Cheras on 28th October 2016. The developers are confident of achieving full occupancy by H1 2017.
“Reception-wise, we expect it to do well due to the relatively underserved, matured Cheras market. It has a sizeable population of 800,000 people,” said Sunway Shopping Malls & Theme Parks chief executive officer H.C. Chan.
He noted that existing malls in Cheras, like Cheras Leisure Mall and Aeon Maluri, are still operating successfully even after several years in the business.
“Aeon Maluri has been there for some two decades and it has been trading well. But there is a lack of one-million-sq-ft malls and we want to elevate the leisure and retail element for the people in Cheras,” stated Chan, who also serves as adviser to the Malaysia Shopping Malls Association.
Featuring a net lettable area (NLA) of one million sq ft, Sunway Velocity Mall has already achieved an occupancy rate of 85 percent, with anchor tenants including TGV Cinemas, Parkson, Popular, Harvey Norman and Toys “R” Us.
Chan expects the mall’s occupancy rate to increase to 90 percent by October.
According to reports, around 40 malls are expected to enter the greater Kuala Lumpur market by 2020, a dozen of which would have an NLA of one million sq ft.
One of Sunway Velocity Mall’s closest competitors, MyTOWN Shopping Centre, will have an NLA of 1.1 million sq ft. At just 800 metres away, the shopping centre is slated to open on 15th November 2016.
Despite oversupply issues in the Klang Valley, Chan said that Sunway Velocity Mall would compete as well as complement its closest rival.
“Competition is healthy, but in the longer term, we will complement each other. Just look at the Bukit Bintang area and the number of malls there. It’s thriving because it gives consumers choice.”
Over time, Chan expects the collection of retail space comprising MyTOWN Shopping Centre, Sunway Velocity Mall, Aeon Maluri, Ikea and the Tun Razak Exchange development to transform Cheras into a new shopping haven.
“All of the malls in Cheras, by the time they are completed, will have a retail space of close to four million sq feet. In the coming years, it will be a new shopping precinct.”
Boasting around 6,500 car parks, Sunway Velocity Mall is a joint venture between Fawanis Sdn Bhd and Sunway City Sdn Bhd.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
