WCT Malls Announces 36% Increase in Revenue for the Financial Year Ended 2023
19 March 2024
WCT Malls celebrates remarkable financial performance and announces 2024 new tenant line-up and asset enhancement initiatives across its malls
PETALING JAYA, 19 MARCH 2024 – WCT Malls Management Sdn Bhd, the property investment and management business under WCT Holdings Berhad (“WCT Group”) and owner and operator of WCT Malls - Paradigm Mall Petaling Jaya, Paradigm Mall Johor Bahru, gateway@klia2 and SkyPark Terminal announced its financial and operational results for the financial year ended 2023. WCT Malls recorded a substantial 36% year-on-year surge in revenue, soaring from RM 238.6 million (FYE 2022) to RM 325.4 million (FYE 2023). The Net Property Income (NPI) of WCT Malls increased from RM 158.9 million (FYE 2022) to RM 197.6 million (FYE 2023), while sales across WCT Malls saw a significant upswing of 22%, escalating from RM 1.2 billion (FYE 2022) to RM 1.5 billion (FYE 2023).
Reporting growth across all its malls, WCT Malls’ impressive performance was supported by focused efforts aimed at enhancing operational efficiency and its priority in delivering unique retail experiences and further buoyed by heightened footfall and robust sales.
Furthermore, the average tenant occupancy rate across all WCT Malls collectively rose from 83% (FYE 2022) to an impressive 96% (FYE 2023), reflecting the popularity and vibrancy of the malls' tenant mix.
Ms. Selena Chua, CEO of WCT Malls, expressed her excitement, stating, "The remarkable growth we've experienced is a testament to the resilience of our team and the unwavering support from our valued tenants and discerning shoppers. As we continue to evolve, WCT Malls remains dedicated to creating vibrant spaces with an appealing tenant mix that elevates the shopping experience for everyone."
In 2023, WCT Malls was awarded the prestigious Best Marketing Initiative of the Year award by Retail Asia Magazine and received a Silver Award in Shopper/Retailer Experience category at the Marketing Excellence Awards 2023 for its Voucher Bonanza Sales campaigns that supported tenants and offered significant savings to shoppers during the COVID-19 pandemic. The campaign, generating over RM42 million in transactions since its inception, underscores WCT Malls' dedication to innovation and driving sales to tenants.
Exciting Plans Unveiled for WCT Malls
Paradigm Mall Petaling Jaya
In a strategic move, Paradigm Mall Petaling Jaya opened the first Malaysian Airlines ticketing office in Petaling Jaya, offering Enrich members a comprehensive one-stop solution for various Enrich services. Additionally, a new family go-kart facility is set to open in Q2 2024, complemented by a facelift for the mall entrances. The mall is also introducing a non-halal F&B corner on Level 2, featuring renowned tenants like Yi Poh from Seremban, Kim Lian Kee from Petaling Street, and many more.
Paradigm Mall Johor Bahru
WCT Group successfully completed the Paradigm Johor Bahru integrated development in November 2023 following the opening of Hyatt Place Johor Bahru Paradigm Mall. The hotel enjoys direct access to the myriad of activities at Paradigm Mall Johor Bahru, one of the largest retail, leisure, and entertainment destinations in the Southern region. The mall is set to launch the first ESCAPE in the Southern region, occupying approximately 11,500 sqft retail space within the mall. Additionally, Switch's flagship service centre and Malaysia's first Turbo concept store by Tomaz featuring sportswear, streetwear, and watches in an exclusive collaboration with Marvel, DC, Hasbro, and Universal Studios are scheduled to open this year.
gateway@klia2
In 2023, gateway@klia2 at KLIA Terminal 2 welcomed Malaysia’s homegrown brands like Nanyang Café from Selangor, Oriental Kopi, Tea Garden from Johor Bahru, Muari Muari from Muar,and more, giving visitors a taste of Malaysia. The mall will soon feature the first Mamee store outside of Malacca town, along with exciting additions like Tomaz the watchmaker, Richeese Factory, Good2U, and Toy World. As the mall anticipates an increase in the local and international traveler's footfall due to rising flight frequencies in 2024, it strives to continuously enhance its retail mix.
SkyPark Terminal
Upgrading plans are in progress for SkyPark Terminal as more narrow-bodied planes i.e. SKS Airways are expected to operate flights from Sultan Abdul Aziz Shah Airport, Subang (Subang SkyPark) beginning August 2024.
As WCT Malls continues its expansion, the company remains committed to closely monitor market trends and evolving customer needs. The aim is to ensure that WCT Malls consistently provides the best shopping experience for all visitors.
