Sunway Malls said its 2023 sales performance grew 5% year-on-year on the back of events, resilient out-of-home dining and a strong Q1 2023 festive spending across Sunway Malls.
With this result, the mall group said it again surpassed its previous record set in 2022. In 2022, Sunway Malls had achieved a record-breaking sales performance in its 26 years of business then.
For 2023, the mall group operator saw its sale performance came in above expectations in Q1 with sales growth at 19% y-o-y, before moderating for the remaining quarters. For Q2 2023, the mall group matched its previous year same-period performance, while Q3 2023 came in at 2% higher and Q4 2023 saw a 1% growth.
Commenting on the performance, HC Chan, CEO of Sunway Malls & Theme Parks said “Certainly, Sunway Malls strong Q1 performance provided a huge buffer to ease off the moderation effect of the remaining quarters. Throughout 2023, businesses and consumers faced with escalating costs due to inflation and weaker Ringgit arising from the Feds aggressive interest hikes.”
“Still Sunway Malls had managed to navigate both the challenging business landscape and the high base of 2022 to achieve a commendable 5% growth,” Chan added.
The mall group’s growth is ahead of the forecasted 2023 national GDP of 4%.
The mall group is currently undergoing a RM550 million Asset Enhancement Initiative (AEI) exercise of 800,000 sqft retail space in Sunway Pyramid and Sunway Carnival with a respective investment of RM200mil and RM350mil each.
In addition, Sunway is also building two malls; Sunway Square with a retail space of 300,000 sqft in Sunway City Kuala Lumpur with an expected completion at end 2024 and Sunway Ipoh Mall with a retail space of 1 million sqft in Sunway City Ipoh which is expected to be completed by 2026.
