KUALA LUMPUR (Dec 6): Malaysia’s established mall operators recorded an average occupancy rate of 92% in 2018, according to a survey conducted by the Malaysia Shopping Malls Association (PPK).

For 671 malls surveyed in the second half of the year, the average monthly gross rental rate per square feet of net lettable area was found to be RM7.87, while the average monthly expenses over the same area was RM3.07.

“Malaysia’ shopping mall industry offers more than 166.6 million square feet of nett lettable area with an estimated real estate value of RM130 billion,” PPK  said in a statement today on the results of its 2018 nationwide shopping mall survey.

“In addition, the shopping industry annual sales turnover is close to RM120 billion. The industry also provides direct employment to approximately 56,600 people,” it added.

The central region of Peninsular Malaysia accounted for 39.1% of the total malls, followed by the northern region with 21% of malls. The southern region recorded 20.7% of the country's total, while Sabah and Sarawak made up 12.8% and the east coast of Peninsular Malaysia accounted for 6.3%.

In terms of net lettable area, however, the central region contained 46.3% of the country’s total net lettable area. This was significantly higher than the northern (18.5%), southern (19.3%) and east coast (5%) regions as well as Sabah and Sarawak (10.7%).