WCT Malls Declares 36% Revenue Increase For 2023
08 May 2024
WCT Malls Management Sdn Bhd, the property investment and management arm under WCT Holdings Berhad, has announced its financial and operational results for the unaudited financial year ended 2023. WCT Malls, which is the owner and operator of shopping centres such as Paradigm Mall Petaling Jaya, Paradigm Mall Johor Baru, gateway@klia2 and SkyPark Terminal, recorded a 36% year-on-year surge in revenue, soaring from RM238.6mil in 2022 to RM325.4mil in 2023.
The net property income of WCT Malls increased from RM158.9mil in 2022 to RM197.6mil in 2023, while sales across WCT Mall's tenants saw an upswing of 22%, escalating from RM1.2bil in 2022 to RM1.5bil in 2023.
Reporting growth across all its malls, WCT Malls' performance was supported by focused efforts to enhance operational efficiency and deliver unique retail experiences, further buoyed by heightened footfall and robust sales.
The average tenant occupancy rate across all WCT Malls collectively rose from 83% in 2022 to 96% in 2023, reflecting the popularity and vibrancy of the malls' tenant mix.
Chua: We'll continue to create vibrant spaces with good tenant mix for a memorable shopping experience.
“The remarkable growth we've experienced is a testament to the resilience of our team and unwavering support from our valued tenants and discerning shoppers,” says WCT Malls chief executive officer Selena Chua.
“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 Best Marketing Initiative of the Year by Retail Asia Magazine and received a Silver Award in the Shopper/Retail Experience category at the Marketing Excellence Awards 2023, for its Voucher Bonanza Sales campaigns that supported tenants and offered significant savings for shoppers during the Covid-19 pandemic.
The campaign, generating over RM42mil in transactions since its inception, underlines the company's dedication to innovation and driving sales to its tenants.
Exciting future for WCT Malls > Paradigm Mall Petaling Jaya: In a strategic move, Paradigm Mall Petaling Jaya opened the first Malaysia Airlines ticketing office in Petaling Jaya, offering Enrich members a comprehensive one-stop solution for various services.
Additionally, a new family go-kart facility is set to open in Q2 2024, complemented by a facelift for the mall's entrances.
The mall also introduces a non-halal F&B corner on Level 2, featuring renowned tenants such as Yi Poh, Kim Lian Kee and more.
> Paradigm Mall Johor Baru: WCT Malls completed the Paradigm Mall Johor Baru integrated development in November 2023, following the opening of Hyatt Place Johor Baru Paradigm Mall.
The hotel also has direct access to the mall, one of the largest retail, leisure and entertainment destinations in the southern region of Malaysia.
The mall is set to launch the first Escape theme park in the southern region, occupying approximately 11,500sq ft of retail space within the mall.
In addition, Switch's flagship service centre and Malaysia's first Turbo concept store by Tomaz – featuring sportswear, streetwear and watches, in collaboration with Marvel, DC Comics, Hasbro and Universal Studios – are scheduled to open this year.
> gateway@klia2: In 2023, gateway@klia2 welcomed Malaysian brands such as Nanyang Café, Oriental Kopi, Tea Garden, Muari Muari and more, giving visitors a taste of Malaysia.
The mall will soon feature the first Mamee store outside Melaka, accompanied by exciting additions such as Tomaz, Richeese Factory, Good2U and Toy World.
As the mall anticipates an increase in local and international traveller footfall, it strives to continuously enhance its retail mix due to increased flight frequencies this year.
> SkyPark Terminal: Upgrading plans are in progress for SkyPark Terminal as more narrow-bodied planes are expected to operate flights from Sultan Abdul Aziz Shah Airport in Subang Jaya, beginning in August.
As WCT Malls continues its expansion, the company remains committed to closely monitoring market trends and evolving customer needs, to ensure that it consistently provides the best shopping experience for all visitors.
For more info on WCT Malls, visit www.wct.com.my.
Click here to read original article from The Star Online
Latest Newsroom