Ask any Malaysian what they will be doing on the weekends and the majority of them will say that they will be heading over to some shopping mall somewhere, spending a few hours there, to shop, makan, watch movies or just to lepak.
However, this trend has been changing these past few years as the rakyat has started to consider other options when it comes to spending valuable time with their family. Some would prefer to go to the park while others will opt for visits to museums or just hang out at all the coffee shops or cafes we have these days.
Source: The Star
The Star recently reported that there will be an estimated 6.58 million sq ft net of lettable space, all from 11 malls which will be opened in the Klang Valley within the second half of 2018. This has raised concerns in regards to the occupancy level for current and upcoming openings.
The concerns of oversupply
Knight Frank stated in its Real Estate Highlights report that the first half of 2018 already has a total of 57.5 million sq ft of lettable retail space. It also revealed, “Retail space per capita, analysed at around 7 sq ft per person is one of the highest in Malaysia. The current concern weighs more on the completed retail stock that have yet to be filled and this puts further pressure on occupancy levels going forward.”
“The Klang Valley retail landscape continues to face strong headwinds and the recent completion of some 450,000 sq ft of space further heightens competition in an already crowded market,” it said.
According to the research, the biggest contributor of the 6.58 million sq ft space will be from Empire City Damansara Mall which totals around 2.3 million sq ft.
source: Facebook
Application for projects frozen
Kuala Lumpur City Hall (DBKL) has already frozen new applications for projects, as to fix the increasing mismatch between supply and demand of property segments which includes retail too.
Sparked heated discussions from netizens
The opening of these 11 new malls in Klang Valley has sparked a heated discussion online with majority of the netizens voicing out their disapproval on the matter.
What are you thoughts on the matter? Do we really need more shopping malls in the Klang Valley or we should opt for more recreational areas for the public? Share with us your opinions in the comment section below.
Also read: 9 Things Only Malaysians Confirm Do at Shopping Malls
