Mahkota Parade was the first ‘regional’ shopping centre located in the heart of historic Melaka. It was injected into the REIT in 2006 and underwent a transformation soon after in 2009. Since it was re-launched in 2010, Mahkota Parade continued to flourish until today. In the fiscal year 2023, Mahkota Parade Melaka continued its legacy as the most prominent retail and entertainment hub in Melaka. Anchored by the established Parkson Department Store, the centre also serves as the main destination for major community events, tourist events, and exhibitiions. The mall sustained a high tenant occupancy rate of 93.8% during the year, underscoring its appeal to a diverse range of retailers and ensuring a dynamic and engaging shopping environment for its visitors.

Despite the market condition, Mahkota Parade showed excellent growth in occupancy and also 13% increase in visitor count. Thanks to the successful tenant remixing exercises and marketing initiatives led by its team, Mahkota Parade is currently the largest contributor to the REIT’s portfolio income. The year saw 17 new outlets opened in Mahkota Parade. The centre continues to be sought after by brands such as Chanel Cosmetics, Jo Malone, Skechers, Kappa, 4Fingers and Anta in 2023.

Wetex Parade and Classic Hotel is an integrated retail and hotel development located within the commercial heart of Muar, Johor. Opened in 1996, Wetex Parade remains as the only department store anchored shopping centre in town and serves as the premier retail destination for the royal town. Wetex Parade achieved a stable occupancy rate of 97.6% in 2023 after welcoming 14 new tenants, including Levi’s, Anakku, Old Town White Coffee, ZUS Coffee, Audrey, G Optical and Little Angel Indoor Playground.

Classic Hotel, the largest hotel in Muar and with the largest ballroom facilities overlooks the serene Muar River. Occupancy rate of Classic Hotel was at 44% with an average room rate of RM149 in 2023 on the back of the lifting of travelling restrictions and normalisation of economic and tourism activities. Opened the same year, the hotel underwent full refurbishment in 2018 in an effort to enhance its looks and facilities. The hotel now features 156 newly renovated rooms furnished with classic contemporary interiors to better suit the needs of the modern traveller.

Central Square was the fourth asset acquired by Hektar REIT back in 2012. Completed in 1997, Central Square is arguably one of the most recognisable landmarks in its town. Nestled in the heart of Sungai Petani, Central Square enjoys a strategic location, making it easily accessible to the community. Situated amidst the bustling commercial district, it serves as a central hub for shopping, dining, and entertainment. Central Square takes pride in fostering a sense of community. Regular events, promotions, and activities bring people together, turning Central Square into more than just a shopping center but a social hub where memories are created.

Central Square continuously evolves to meet the changing needs and preferences of its patrons. Planned mini anchor remixing exercises, space reconfiguration, and collaborations ensure that it remains a dynamic and relevant part of Sungai Petani. The management remains focused on upgrading the quality of the tenant mix and positioning of Central Square, as reflected by the entry of several new tenants. In 2023, the shopping centre recorded visitor traffic of 3.8 million while occupancy reached 87.1%.

Nestled in the heart of Kulim, Kedah, Kulim Central Shopping Mall stands as a beacon of modern retail, offering a diverse and enriching experience for residents and visitors alike. The only shopping centre in the area, the asset was acquired by Hektar REIT in 2012 together with Central Square.

The mall formerly known as Landmark Central was rebranded in 2017 and is now known as Kulim Central following the completion of the refurbishment and AEI exercise that was carried out in the same year. Kulim Central Shopping Mall is not just a shopping haven; it’s a gastronomic delight. The mall’s diverse culinary offerings cater to every palate, ranging from local delicacies to international cuisine to suit its target market.

Kulim Central’s occupancy rate remained sterling at 96.9%, maintaining occupancy rates of above 90% since 2012, while its reversion rate remains positive at 7.0%, a result of the successful repositioning initiative in 2017. In 2023, Kulim Central welcomed 25 new tenancies, which contributed to the increase of F&B, IT & Electronics and Fashion category tenants in the shopping centre.

Segamat Central is the only purpose-built shopping centre in Segamat and was acquired by Hektar REIT in 2017. It has the largest cinema in Segamat, a direct link to Segamat’s main bus terminal and is within walking distance of the KTM railway station.

Since the acquisition, the centre has been undergoing a comprehensive tenant remixing strategy and upgrading process. The rebranding from “1Segamat” to Segamat Central marked a strategic shift and is now followed by the repainting and space reconfiguration exercise to enhance the overall appeal and functionality of the mall. The management has been actively implementing a rental revision strategy to retain existing tenants while also attracting mini anchors and specialty anchors to the mall.

In 2023, Segamat Central’s occupancy rate improved to about 76% from 67% in 2021, the first year post pandemic outbreak. The visitor traffic improved tremendously to approximately 1.9 million visits this year from 700,000 visits in 2021. We welcomed the entry of new retailers such as Zus Coffee, Sushi Go, Gatti and Game in the City.