Sunway REIT’s 3Q Net Property Income Jumps 25% to RM181 Million, Driven by Retail and Industrial Growth

KUALA LUMPUR (Nov 10, 2025) — Sunway Real Estate Investment Trust (Sunway REIT) reported a strong 25.3% increase in net property income (NPI) to RM180.9 million for the third quarter ended Sept 30, 2025 (3QFY2025), boosted by full-quarter contributions from its newly acquired retail and industrial assets.

Revenue climbed 23.1% to RM236.4 million, compared to RM192.1 million in the same quarter last year, according to its filing with Bursa Malaysia. No distribution was declared for the quarter.

The trust, which manages a diversified portfolio spanning retail malls, hotels, office towers, and industrial properties, credited the higher earnings to strong performances from Sunway 163 Mall, Sunway Kluang Mall, and AEON Mall Seri Manjung, all of which were added to its portfolio between late 2024 and mid-2025.

The completion of refurbishment works at Sunway Carnival Mall and the official opening of the Oasis Precinct at Sunway Pyramid Mall also drove footfall and sales momentum during the quarter. As a result, Sunway REIT’s retail segment NPI surged 33%, while revenue rose 28% year-on-year.

Industrial Segment Strengthens with Prai Acquisition

The REIT’s industrial portfolio continued its rapid expansion, underpinned by the performance of Sunway REIT Industrial – Prai, acquired in October 2024.

Revenue and NPI for the industrial and other segments surged 93% and 86%, respectively — reflecting the growing importance of the industrial property segment within the trust’s portfolio.

Sunway REIT’s industrial expansion mirrors broader trends across Selangor’s logistics and manufacturing corridors, where rising demand for industrial land in Selangor and modern factories in Puchong and the Subang area is driving strong investor interest.

These locations continue to attract high-value tenants seeking proximity to major expressways, ports, and established commercial centres, including Bukit Jalil and Kuala Lumpur’s key business districts.

Strong Hotel Recovery and Stable Office Performance

Sunway REIT’s hotel segment posted a 21% rise in NPI and 20% growth in revenue, supported by steady demand for meetings, incentives, conferences, and exhibitions (MICE) events, as well as sustained leisure travel.

Meanwhile, the office segment remained stable with proactive tenant engagement, while the services segment recorded modest earnings growth.

For the first nine months of FY2025, the REIT’s NPI rose 22% to RM493 million on revenue of RM666.7 million, compared to RM404.2 million and RM546.3 million, respectively, during the same period last year.

Future Outlook: Sustained Growth and Strategic Acquisitions

Ng Bee Lien, acting CEO and chief financial officer of Sunway REIT Management Sdn Bhd, said the REIT remains optimistic about its growth trajectory, underpinned by Malaysia’s steady economic recovery and improved business confidence.

“Our retail and hospitality segments are expected to maintain strong momentum, especially with festive spending and year-end tourism activity,” Ng said.
“The industrial segment continues to present attractive growth opportunities, supported by committed tenancies at Sunway REIT Industrial – Petaling Jaya 1 and solid contributions from the Prai asset.”

She added that the trust will continue pursuing strategic asset acquisitions and value-enhancing initiatives to strengthen portfolio resilience.

“We remain focused on sustainability, operational efficiency, and long-term value creation for our unitholders,” Ng said.

Sunway REIT units closed unchanged at RM2.14 on Monday, valuing the trust at RM7.33 billion.

Property Market Context

Analysts note that Sunway REIT’s latest results reaffirm the growing investor appetite for industrial property in the Subang area and logistics-related real estate in Selangor, reflecting Malaysia’s shift toward high-value, infrastructure-connected investments.

This trend also supports rising interest in commercial property in KL and office space in Bukit Jalil, where integrated developments continue to attract multinational corporations and digital economy players.