KUALA LUMPUR (Sept 8): Mitraland Group is targeting a 70% occupancy rate for Pier8, the retail component of its mixed development of Gravit8 in Klang South of Selangor, by year end.
At a ceremony unveiling new tenants of Pier8 on Friday, Mitraland general manager for sales and marketing Yan Ong told The Edge that the current occupancy rate of the two-storey Pier8 retail mall is about 45%. Existing main tenants include KFC and Orbix International School.
“We are looking to bring in more tenants this year. Our KPI (key performance indicator) is a 70% occupancy rate by the end of this year,” she said, adding that the developer is now actively in talks with various businesses, including restaurants, cafés, pet shops, convenience stores and furniture outlets.
In Friday's event, Mitraland announced two new tenants of Pier8 — event space The Mustika and HeroMarket. HeroMarket will be an anchor tenant occupying 16,000 sq ft of the freehold mall. The grocer is set to open its doors by January 2024, while The Mustika has started operational recently.
Ong added that HeroMarket in Pier8 will showcase three additional brands, namely Mana Lagi Kopitiam, Levure bakery and non-halal Manchu Butcher Shop.
As part of the bigger 15-acre (6.07-hectare) Gravit8 mixed development, Pier8 serves as the lifestyle retail precinct that boasts a total net lettable area of 150,000 sq ft, with 700 parking bays.