Sunway REIT Sees Benefits Of Diversification (The Star)
January 3, 2021 – The pandemic has left many retail-related business floundering, thus Sunway Real Estate Investment Trust (REIT) is thankful that it has diversified from a retail-focused REIT to include industrial, healthcare and education assets into its portfolio.
From an initial portfolio of eight properties, Sunway REIT now has 17 properties comprising four retail malls, six hotels, four offices, a medical centre, an industrial property and a purpose-built campus.
“We are hopeful that a full recovery will take place in the second half of 2022, with the opening of international borders and arrival of international tourists,’’ said Sunway REIT CEO Datuk Jeffrey Ng.
Other than the major refurbishment of Sunway Resort Hotel, the group is excited about the prospects of its retail assets.
Sunway Carnival Mall, situated in mainland Penang, will be one of the largest and most modern malls in Malaysia – with over 750,000 sq ft, it will offer a range of international retailers, effectively transforming the retail scene of mainland Penang.
“Moving onward to 2023, with the problems behind us, we are confident that after this time, we will be able to perform better than where we left off, pre-pandemic.
“We are beginning to see encouraging footfalls to our portfolio assets and retail sales are also seeing strong signs of recovery,’’ said Ng.
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