went there last weekend...
will be back again this weekend for a quick look.

all in all, good to know that it is improving ever so slightly...

Can see people walking around, the lower ground f&b places all quite full.
I spent an afternoon in starbucks, pretty full.

upper grounds still quite empty..
havn't watched movie at tgv yet.

went there last friday for lunch with colleagues...
weekday lunch crowd seems pretty good..

the restaurants at the lowest floor and first few floors filling up...
(didn't check the top floors so i don't know)

as an owner of a condo nearby, of course i hope the spm does well,
so my condo can appreciate

Sunway Putra Mall lifts Sunway REIT’s earnings


Maintain neutral with a lower target price of RM1.61 (from RM1.64): Sunway Real Estate Investment Trust’s (Sunway REIT) second quarter of financial year ended Dec 31, 2015 (2QFY16) core net profit came in within our and market expectations.

Revenue growth came mainly from improved contributions from Sunway Putra Mall (+291% quarter-on-quarter [q-o-q]), which was more than enough to offset the drop in rentals from Sunway Tower (-58% q-o-q), as the office tower’s occupancy rate fell to 21% from 67% in FY15.

The performance of most other property assets was decent with a less than 4% q-o-q growth, while its hotel segment saw a seasonal boost due to the year-end holiday period. A distribution per unit of 2.57 sen was declared.

Sunway Putra Mall’s occupancy rate rose slightly to 84.9% (from 83.9% in end-September 2015), and its net property income finally turned to the black during the quarter. In order to stay competitive, Pyramid Tower East will undergo a 12-month refurbishment exercise that will cost RM100 million to RM120 million — with a gradual closure in 3QFY16 and full closure by 4QFY16.

Aggressive marketing efforts have also been undertaken to accelerate the turnaround of Sunway Putra Hotel.

Meanwhile, the management expects a lower rental reversion for new renewals, given the influx of new retail malls and challenging economic conditions.

Overall, its near-term portfolio lease expiry profile is stable, as the next major renewal (51.5% of net lettable area) will take place only after FY18.

We cut our FY16 to FY18 forecast earnings by about 2% per year in view of the temporary closure of Pyramid Tower East.

Despite the current headwinds in both the office and hospitality segments, we think that the REIT’s retail assets should help mitigate lower contributions from both segments.

Furthermore, with 6.4% to 6.7% FY16 to FY17 forecast dividend yields, we think that defensive investors should maintain their exposure to the REIT.

source: http://www.theedgeproperty.com.my/content/...it’s-earnings

went yesterday, crowd seems ok..
not great, but improving.