163 Retail Park is rebranded as Sunway 163 Mall following its successful acquisition by Sunway REIT.
PETALING JAYA: Sunway Real Estate Investment Trust (Sunway REIT) has completed the acquisition of 163 Retail Park for a purchase consideration of RM215mil and rebranded the mall as Sunway 163 Mall (Sunway 163).
Located at Mont Kiara, an affluent residential enclave situated 11km from the Kuala Lumpur city centre, Sunway 163 is presently 99% occupied with over 100 tenants, including the Jaya Grocer as the anchor tenant. The tenant mix includes an extensive selection of F&B outlets, health and beauty services, a cinema, an ice-skating rink and more.
Sunway REIT said that the new acquisition is expected to be yield-accretive with an estimated initial net property income (NPI) yield of 6.5%.
“We are delighted to complete our acquisition of the most prominent retail asset in Mont Kiara, which would strengthen our retail portfolio further. Efforts to improve maintenance and traffic circulation at the mall will commence imminently to elevate the shoppers’ experience, while longer term plans to enhance the asset via tenant mix optimisation and floor space reconfiguration are being formulated to ensure the mall will become the premier lifestyle destination in North Kuala Lumpur,” said Sunway REIT Management Sdn Bhd chief executive officer Clement Chen.
“The recent MRT3 alignment announcement augurs well for the mall as the proposed Sri Hartamas station is located within walking distance and would further enhance accessibility to the mall upon completion of the line. Exciting times await Sunway 163 and its shoppers,” Chen added.
Sunway REIT Management Sdn Bhd is the manager of Sunway REIT.
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