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CAPITAMALLS MALAYSIA TRUST
ANNUAL REPORT 2012
Retail investment activities remained strong in
2012. Buying interests were mainly from REITs
listed on Bursa Malaysia Securities Berhad (M-
REITs) and foreign funds. It was reported in
early January 2012 that Citta Mall in Selangor
was acquired by ARA Asia Dragon Fund for
RM245 million from SEB Asset Management (a
German real estate fund). On 21 September
2012, IGB Real Estate Investment Trust (IGB
REIT) successfully listed on Bursa Malaysia
Securities Berhad. Its portfolio includes the Mid-
Valley Megamall and the Gardens Mall which
are valued at a total of RM4.60 billion.
RETAIL SUPPLY AND DEMAND
According to the Valuation and Property
Services Department, Ministry of Finance,
Malaysia (JPPH), the total retail stock in
shopping centres, arcades and hypermarkets in
Malaysia stands at 128.2 million sq ft as of 3Q
2012. Together, Kuala Lumpur, Selangor,
Penang and Johor account for over two-thirds of
total shopping centre stock in the country.
Of the total stock, 70.6% is located within
shopping centres. Within Kuala Lumpur, 77.9%
of all retail space is in shopping centres,
compared to 61.3% in Selangor, 65.0% in
Penang and 94.1% in Pahang.
Additionally, JPPH estimates that 13.8 million sq
ft of net lettable retail space is currently under
construction throughout the country. Assuming a
three-year construction period, it is expected
that this additional stock will be completed by
2015, increasing total retail stock by 10.8%.
Based on Q3 2012 stock data, the retail stock
per capita for the entire country is currently
about 4.4 sq ft per capita while shopping centre
stock per capita is about 3.1 sq ft per capita.
Shopping Centre Stock and Occupancy in Malaysia as at Q3 2012 (preliminary data)
State
No. of
Properties
Total Space
(sq ft)
% of Total Space
in Malaysia
Occupied
Space (sq ft)
Occupancy
Rate
WP Kuala Lumpur
58
20,365,404
22.5%
16,752,379
82.3%
WP Putrajaya
1
622,002
0.7%
517,524
83.2%
WP Labuan
1
280,549
0.3%
275,802
98.3%
Selangor
55
18,644,650
20.6%
14,161,862
76.0%
Johor
64
12,299,752
13.6%
7,387,298
60.1%
Pulau Pinang
34
9,839,871
10.9%
6,686,706
68.0%
Perak
39
5,313,143
5.9%
5,035,673
94.8%
Negeri Sembilan
28
2,557,287
2.8%
2,005,899
78.4%
Melaka
19
2,746,319
3.0%
2,015,813
73.4%
Kedah
34
3,788,515
4.2%
2,888,945
76.3%
Pahang
18
2,544,456
2.8%
2,003,477
78.7%
Terengganu
7
513,369
0.6%
269,860
52.6%
Kelantan
5
1,076,254
1.2%
963,692
89.5%
Perlis
4
237,998
0.3%
237,998
100.0%
Sabah
32
5,260,280
5.8%
4,409,429
83.8%
Sarawak
46
4,459,591
4.9%
3,124,424
70.1%
Malaysia
445
90,549,440
100.0%
68,736,781
75.9%
Source: Valuation and Property Services Department (JPPH), Ministry of Finance.
Per Capita Retail Stock in Malaysia and Selected States
Malaysia
Kuala
Lumpur
Selangor
Penang
Pahang
Retail Stock (sq ft)
128,234,316
26,139,010
30,423,057 15,135,199 2,703,606
Shopping Centre Stock
(sq ft)
1
90,549,440
20,365,404
18,644,650
9,839,871
2,544,456
Shopping Centre Stock as a
% of Retail Stock
70.6%
77.9%
61.3%
65.0%
94.1%
Retail Stock per capita
(sq ft)
4.4
15.0
5.3
9.4
1.7
Shopping Centre Stock per
capita (sq ft)
3.1
11.7
3.2
6.1
1.6
1
Data as at Q3 2012 (preliminary)
Source: Valuation and Property Services Department (JPPH), Ministry of Finance; Projection Population 2012 based on
the Population and Housing Census of Malaysia 2010, adjusted for under enumeration (Revised).