KUALA LUMPUR (Oct 11): Phase 1 of Pavilion Damansara Heights Mall opened its doors to the public with an occupancy rate of 80% this Monday (Oct 9).

As part of the larger Pavilion Damansara Heights integrated development, phase 1 of the six-storey mall has a net lettable area (NLA) of 533,361 sq ft. The phase 2, which is expected to open to the public by 4Q2024, has an NLA of 529,353 sq ft.

“We are confident in unveiling phase one now, given the area’s improved connectivity, the imminent festive season, and the recent handing over of eight blocks of corporate office towers and the handing over of residential towers soon,” stated Kuala Lumpur Pavilion Sdn Bhd CEO (retail) Datuk Joyce Yap in a press statement issued on Wednesday.

According to the press statement, phase 1 will introduce a curated selection of specialty stores, diverse dining experiences, and lifestyle services, and is expected to have 100 outlets by the end of October.

Highlighting that 80% of the mall’s lettable space was committed in phase one, Yap said that this is a sign of revived confidence in the Malaysian economy which has been marked by stable interest rates, controlled inflation, and the nation’s renewed efforts to attract international tourists.

She added that the 4Q typically sees a spike in retail sales as Malaysia heads into the year-end festive season. She was also optimistic for further growth in 2024, considering Malaysia’s positive economic growth forecast of 4.3% by the World Bank, attributed to a recovery in tourism, improved global economic conditions, and expectations of a consumer-friendly budget to drive domestic demand.

Pavilion Damansara Heights is accessible through the Sprint Expressway, Duta Ulu-Kelang Expressway (Duke), Penchala Link, and Federal Highway, and also adjoins the Pusat Bandar Damansara MRT station.

Pavilion Damansara Heights is a freehold development integrating corporate towers, luxury residences and a retail mall, and is a joint venture between Pavilion Group and the Canada Pension Plan Investment Board (CPPIB), a professional investment management organisation that manages the Canada Pension Plan fund and is one of the world’s largest institutional investors. This represents CPPIB’s first direct real estate investment in Malaysia.