As I said before the opening of SW. One of the key strategy to ensure a success of a Mall is "timing"
Ideally the entertainment Mall and all the 80++ shoplots shd be opened together, at least 90% of the retails spaces shd be occupied prior to the official opening, Times Square has made such mistake and SPS shd be aware of it. A few key factors for a successful Mall are :-

1. Location (not necessary prime location but mkt catchment must be adequate)
2. Size of Mall (at least 2 mil onward)
3. Full control of tenant mix
4. Design of the Mall (Width > height)
5. Timing - all retails business operate at the same time
6. Anchor tenant (hypermarket, cinema, banks etc)

From the above, SW has 1 & 4 only, the chance to become very "Wong" is very slim, It is quite lucky that SW is located in Puchong, becoz there are not many competitors around except IOI Mall (which I think not a successful one). So at the time being, SW shd be able to sustain for another few years, if those landlords are so greed and unaware of the mkt downturn, their tenants will eventually leave since their business is not making profit due to high rental. SPS does not seems aware of the situation, if they let TGV starts operation alone, I believe entire entertainment mall will die eventually. my 2 bakuli

boss, kpc into this thread and saw a reply to your post here. can't help but chirp in a little to seek your expert opinion.
size of mall. you mentioned 2 mil onward. not that many mall is bigger than 2mil sf gross. if net, don't think there's any at all except maybe bts. and bts with the tagline biggest mall in malaysia has so far not necessary yield the best result. would you consider empire subang to be a successful mall? or what about giza mall or tropicana city mall? paradigm?
full control, agree with you but sg. wang and bts is doing okay currently. kwc also not too bad last i heard. but do agree mall with full control should perform better.
design of mall. so far don't think there's any height > width. are there any? maybe kwc? what do you think about vertical malls similiar to those in hk? can work in bolehland or not?
timing. i couldn't agree more on this. think this is absolutely critical. think citta mall failed big time because of this. 1mk suffered similiarly too.
anchor tenant. it helps to have reputable tenants. but somehow reputable tenants are the ones paying the cheapest rents.

btw, heard scm ain't doing well also.