UEM Sunrise still upbeat on retail property

KUALA LUMPUR: Property developer UEM Sunrise Bhd remains upbeat on its retail space performance amid concerns of oversupply of retail property units, particularly in the Klang Valley.

According to UEM Sunrise’s retail and assets management division general manager Devamanokaran Poonagasu, the company’s retail property units have been receiving strong support from both retailers and consumers. “We have seen high occupancy rates in our retail developments, as we are community-driven and continuously provide a unique experience to our tenants and patrons.

“Although the general retail market is soft, our pioneering retail project Publika and our latest offering, Arcoris Plaza, have registered commendable occupancy rates of 95% and 90%, respectively. While the market is anticipated to see more shopping malls being introduced in the Klang Valley alone in the next 24 months, we are positive that our retail space would be able to attract the attention of retailers regardless,” he said.

Devamanokaran was speaking to reporters after unveiling the anchor retailers of Arcoris Plaza, the retail component of UEM Sunrise’s mixed-use development Arcoris Mont’Kiara.

Arcoris Plaza, which is expected to be fully operational by January 2018, offers a total of 38 retail lots with a net lettable area of 53,245 square feet. Out of Arcoris Plaza’s total retail lots, 24 units have been leased out currently.

Among the anchor tenants are well-known businesses such as Starbucks, myNews.com, Merchantrade Asia and San Francisco Coffee.

Meanwhile, chief operating officer for the commercial segment Raymond Cheah said that Arcoris Plaza’s remaining 14 retail units are expected to be leased out by the end of next month. “

By end-October, we expect the retail lots in Arcoris Plaza to be fully taken up. Being the creator of Publika, Arcoris Plaza is next in line to boast its unique aesthetic designs, as well as its wide array of offerings,” he said. UEM Sunrise’s third retail development, Radia Retail in Bukit Jelutong , Shah Alam, is expected to be operational in the first quarter of 2018.