Klang Valley Sample Clauses
Klang Valley. The occupancy rate of retail malls had remained strong in the past five years, hovering at about 89%. Completion SUPPLY & DEMAND OF RETAIL SPACE Source: CBRE | WTW Research of several retail malls last year continued to push the occupancy rate slightly downwards, from 88.5% in 2015 to 87.6% in 2016. Increasing competition in the retail market will continue with the addition of the completed and incoming supply of close to 4.5 million sq ft of retail space in 2016. Asking rentals in successful malls in prime locations remain highly sought after, averaging at around RM30 psf per month. With good locations in KV, the average rental rate is expected to remain firm or trend slightly upwards. The retail sector in KV is expected to face stiff competition in the next few years, with more ongoing-construction retail malls slated for completion in 2017 - 2019. The majority of future mall supply are skewered to the fringe of KL although there are several notable developments in progress around the Bukit Bintang area. The uncertainties in both global and local economic outlook might cut consumer spending, which may later affect shopper traffic and retail sales particularly for those retail malls located in less-strategic locations. However, well located malls concentrated within Kuala Lumpur, especially KLCC and Bukit bintang areas remain appealing to some international retailers. Overall, rental rates continue to remain flattish with investment prospects would remain firm, driven by the depreciated currency which will favour foreign investment activities in Malaysia. MyTown Shopping Centre Source: ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇.▇▇/ MAIN MARKET The retail market in Penang saw three new retail malls opened in 2016. These retail malls are Pearl City Mall in Simpang Ampat, M Mall O2O @ Penang Times Square in Georgetown and Penang Design Village in Batu Kawan. As at 2016, the existing supply of retail space in Penang stood at 18.54 million sq ft, with the majority are on Penang Island, about 11.74 million sq ft (63%), whilst Seberang Perai has approximately 6.80 million sq ft (37%) of retail space.