Sime Darby Property Expects KLGCC Mall to Break Even Earlier Amid Strong Visitor Traffic

Sime Darby Property Bhd is seeing stronger-than-expected early performance at its newly opened KLGCC Mall in Bukit Kiara, prompting the developer to revise its breakeven timeline. The mall, part of the wider KLGCC Resort masterplan, has surpassed internal projections on footfall, tenant activity and occupancy levels.

Group managing director and chief executive officer Datuk Seri Azmir Merican said the mall’s rapid momentum has outpaced initial assumptions.

“We had a targeted timeline for breakeven, but based on recent performance, we are recalibrating our projections. We believe the mall will break even sooner than expected,” Azmir said during the group’s third-quarter FY2025 results briefing.

90% Occupancy and 100,000 Visitors in Early Weeks

The neighbourhood mall spans 240,000 sq ft and features a curated mix of lifestyle, wellness and F&B tenants. Despite the typical teething challenges faced by new retail centres, KLGCC Mall has already:

• Achieved ~90% occupancy

• Welcomed about 100,000 visitors within its early operating weeks

• Attracted strong interest from premium brands seeking space within Bukit Kiara’s affluent catchment

Azmir acknowledged some constraints, particularly on parking capacity. The mall currently offers around 800 parking bays, with an additional 300 bays opened during weekends to support rising visitor traffic.

Only about 10% of nett lettable area remains available, with the developer adopting a selective approach to tenancy curation. Approximately:

• 40% of tenants are in lifestyle and wellness

• 30% are F&B operators

• The remainder consists of boutique fashion and retail outlets

Key Component of Sime Darby Property’s Recurring-Income Strategy

KLGCC Mall is positioned as an important catalyst in Sime Darby Property’s long-term strategy to strengthen its recurring income portfolio. It complements other retail and investment assets such as:

• Elmina Lakeside Mall in northern Shah Alam

• Industrial leasing properties in Bandar Bukit Raja, Klang

• Industrial assets in Serenia City, Sepang

• Its ongoing hyperscale data centre programme in Greater Kuala Lumpur

These assets underpin the group’s transition toward a 30:70 recurring-to-non-recurring income mix, a medium-term target that Azmir said the company is “well on track” to achieve.

Share Performance

Sime Darby Property’s shares closed three sen higher at RM1.33, giving the group a market capitalisation of RM9.05 billion. Year-to-date, the stock remains down by over 18% despite strong operating indicators.

Relevance to Klang Valley’s Property & Industrial Ecosystem

The strong performance of KLGCC Mall highlights resilient retail demand in high-income neighbourhoods — a trend tied to broader property activity across Greater KL, especially in:

• Commercial property in KL, driven by footfall-heavy urban nodes

• Office space in Bukit Jalil, as integrated developments attract corporate tenants

• Industrial land in Selangor, increasingly in demand from data centre and logistics players

• Factory clusters in Puchong, serving the expanding supply chain ecosystem

• Industrial property in the Subang area, an established hub for high-spec, tech-aligned industries

Sime Darby Property’s integrated retail and industrial strategy places the company in a strong position to capture future growth across these high-demand corridors.