PETALING JAYA: Sunway Malls has projected 5% growth in 2025 driven by Malaysia’s growing tourism sector and in line with GDP growth projection.
CEO HC Chan (pic) noted that Sunway Malls recorded a 5% increase in 2024 and remains optimistic about maintaining this trajectory despite global economic and geopolitical challenges.
“2024 has also been a good year. As far as Sunway Malls is concerned, we experienced a 5% growth compared with the previous year. As we move into 2025, although the global economic and geopolitical situation remains challenging, we are still confident that achieving 5% growth is both doable and achievable,” he told Sunbiz.
Chan highlighted that, according to Tourism Malaysia, the country aims to attract 31.3 million international tourists in 2025, generating RM125.5 billion in tourism receipts.
“For Visit Malaysia Year 2026, the targets are set even higher, with expectations of 35.6 million international visitors and RM147.1 billion in tourism receipts.”
Chan acknowledged the competitive landscape in the industry, stating: “There are over 700 malls in Malaysia, making the industry highly competitive. But we are glad to note that tourist numbers are steadily increasing at a good rate. We look forward to Visit Malaysia Year 2026, which will further boost the sector.”
He said when tourism thrives, all related industries including shopping malls, hotels, theme parks, and restaurants will benefit.
“Tourism is becoming increasingly important in driving Malaysia’s economy.
“We are optimistic about the post-pandemic recovery and the continued growth of the tourism sector,” he added.
Furthermore, Chan hopes Malaysia’s GDP growth remains at 5%, as the retail and mall industry is closely linked to economic performance.
“With higher GDP growth, we perform better. That is what we hope to see,” he said.
Chan also shared that Sunway Malls is expanding its footprint with three new malls over the next two years to bring its total to 12 shopping malls in Malaysia.
The upcoming mall locations are Sunway Square, Sunway City Kuala Lumpur, Bandar Sunway; Sunway Pier, Port Klang, Selangor; and Sunway Ipoh Mall, Sunway City Ipoh.
“So in the next couple of years, we’re going to have 12 shopping malls in Malaysia.
“And we’ll be one of the largest mall owners and operators of shopping malls in the country,” he said.
The total established malls and pipeline projects currently stand at 7.7 million square feet of net lettable area, with locations in key urban markets to serve the surrounding communities.
“I think we are confident that we’ll continue to maintain market leadership in the shopping mall industry,” he said.
He noted that Sunway Malls have evolved beyond traditional retail, focusing on experiential shopping rather than just functional purchases.
“Consumers no longer visit malls just to buy things – they come to enjoy the experience.”
“That’s why the F&B sector now accounts for over 30% of our offerings.
“When combined with leisure, entertainment, and other lifestyle elements, it makes up almost 50%. That is what differentiates us from the rest.”
Additionally, Chan said most of Sunway Malls are part of integrated developments.
“We are not just a shopping mall operator, we are an integrated developer, with malls, offices, residences, theme parks, educational institutions, and even hospitals,” Chan said.
“For instance, Sunway Velocity integrates multiple businesses. There are already about 5,000 residences around the mall, contributing significantly to foot traffic.
“When all of Sunway’s core businesses come together, we are stronger.
“That is what makes our business model unique.”
Chan is the adviser of the Malaysia Shopping Malls Association, after serving two terms as president, advocating for industry interests at both national and international levels.
He is also the adviser to the Council of Asian Shopping Centres and sits on the Industry Advisory Board of Sunway University Business School.
