Thomas Tan
Despite the challenges posed by the pandemic, property developer Boustead Properties Berhad remains optimistic about its commercial and retail portfolio performance this year.
In a statement, Boustead Properties senior general manager of property management and investment Jazmi Kamarudin said occupancy rates of its commercial assets are currently at 90%, higher than the average occupancy rate of similar grade buildings within similar locations, despite a generally soft retail market, and the company expects occupancy of its commercial space to continue in this trend.
“Utilization of office space is certainly evolving but the key drivers for the sector will be rental, ready facilities, security, digitalization and location of commercial real estate.
“Affordable offices that provide a flexible, technology-compatible workspace are still considered crucial as companies require employees to engage and collaborate while maintaining a safe environment.
“Investments in commercial properties will also be reliant on property and financial incentives,” he said.
The statement also added that Boustead Properties plans to move forward, spurred on by the Reinventing Boustead strategy to unlock value and tap the benefits of digitalization through harnessing the fit-for-purpose technology.
The company’s latest addition, Nucleus Tower, an MSC Cybercentre status and GBI Gold Grade A office tower in Mutiara Damansara is set to increase its occupancy to 95% in the third quarter of this year.
Jazmi said under the mall operations, The Curve shopping mall continues to maintain a commendable occupancy rate of 90% despite a generally soft retail market.
Between January and June this year, The Curve has welcomed 13 new retail tenants ranging from food and beverage, fashion, services and furniture.
“Our mall has been relatively protected in the current retail climate. With more new tenants expected in the second half of 2021, we expect the mall to remain resilient and reach 95% occupancy by end-year,” he added.
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