KUALA LUMPUR: Pavilion Damansara Heights will open in May 2023, with over 70% of its retail space to date already committed by tenants.
Kuala Lumpur Pavilion Sdn Bhd chief executive officer (retail) Datuk Joyce Yap said the mall will eventually have around 380 retail outlets, making it “well-placed” to serve diverse needs.
“The broad reopening of our borders and the return of foreign tourists to Malaysia bodes well for Pavilion Damansara Heights Mall and our tenants, as we get ready for our soft opening in May 2023,” she said at an unveiling event here yesterday.
“It is a relief to see that in the Malaysia Retail Industry Report for September 2022, the country’s retail industry recorded a growth rate of 62.5% in retail sales in the second quarter of this year, versus 18.3% in the first quarter,” Yap added.
She pointed out that Malaysia is projected to have an average growth rate of 5.3% to 6.3% in 2022, suggesting the country’s economic resilience.
“This same resilience, backed by strong consumer demand, will be favourable to us as we enter 2023,” Yap said.
Citing data, Yap also said the tourism industry had revised its tourist arrival target from a conservative 4.5 million to 9.2 million for this year.
“In support of this, RM1bil has been set aside for tourism recovery in the 2023 Budget, with RM200mil allotted for promotions and marketing.
“These numbers boost our confidence that the Malaysian government is doing its best to help us achieve significant growth in the retail industry.”
She also said the new mall will create close to 4,000 jobs, in addition to various multiplier effects for the economy in line with the company’s “promise to contribute to the nation’s gross domestic product.”
Yap said a unique feature of the mall would be its Event Gallery, which is designed to “create synergy with the surrounding space.”
“It is an entertainment hub that is ready to host world-class shows, pop-up events and lifestyle product launches.”
Located within an affluent neighbourhood, Pavilion Damansara Heights will be accessible through three key highways – the Sprint Highway, Federal Highway and Damansara-Puchong Expressway – and will have nearly 2,000 parking lots.
Impian Ekspresi is currently developing the entire Pavilion Damansara Heights, an integrated development project with a gross development value of over RM5bil.
Besides the mall, the integrated development will also feature five luxury residential towers, 10 corporate towers and a proposed five-star hotel.