PETALING JAYA: KIP Group of Companies is planning to open three new shopping malls over the next three years involving RM150 million in gross development cost to cater to the demand of the middle mass market, says group CEO Valerie Ong.
She said the three new malls will be located in Raub, Kuantan and Sungai Petani.
“This means we will have a total of 12 shopping malls in our portfolio, including the six properties that had been injected to our listed entity, KIP REIT,” she told reporters at the launch of its ninth shopping mall — KIP Mall Desa Coalfield, at Desa Coalfield Sungai Buloh.
KIP Reit’s portfolio now comprises one KIP shopping mall in Bangi and five KIP Marts in Tampoi, Kota Tinggi, Masai, Senawang and Malacca.
It had also acquired Aeon Mall Kinta City, Ipoh for RM208 million.
Ong said Malaysia’s retail industry is forecast to grow by 4.5% to RM109 billion this year.
She said although consumers now prefer to buy goods online, the company would not be impacted as the malls are all placed in upcoming or growing markets where consumers still prefer physical buying.
Ong said KIP Mall Desa Coalfield, which will open in the fourth quarter of this year, has already secured an 80% occupancy rate with tenants that include Econsave, Mr DIY, Watson, Metro Optical and KFC.
Founded in 1993, KIP Group of Companies is a developer of value-added products in both property development and retail management.
