The rental revenues for IGB Real Estate Investment Trust Bhd (IGB REIT), which owns the Mid-Valley Mega Mall and the Gardens, has experienced a 27% decline in gross rental revenues for the first nine months of the year.
More downside for rentals?
EVEN before the Covid-19 pandemic, rentals in retail outlets in some areas were already sluggish due to oversupply. The pandemic dealt a killer blow as retail outlets saw shopper traffic falling by as much as 50%.
In some instances, such as the retail outlets under CapitaLand Malaysia Mall Trust Bhd (CMMT), the decline in shopper traffic for the third quarter was down 32% compared with the same period last year. Nevertheless, it was much higher than the second quarter shopper traffic.
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