JOHOR BAHRU (Feb 10) — KIP Real Estate Investment Trust (KIP REIT) has officially reopened KIPMall Tampoi following the completion of a comprehensive asset enhancement initiative (AEI) designed to improve the mall’s functionality, tenant performance and long-term income stability.
The refurbishment programme focused on upgrading the property’s layout, facilities and operational efficiency to enhance the overall shopping experience. Among the key improvements was the transformation of the fresh market section into a farmer-market-style concept, aimed at creating a more engaging retail environment.
Common areas throughout the mall were also modernised, and several new tenants have been introduced, including well-known brands such as The Chicken Rice Shop, ZUS Coffee, CU Mart, Guardian and Mixue. In addition, the centre court has been redesigned to better accommodate events, promotions and community activities, allowing the mall to serve as a more active social and commercial hub.
Sustainability and energy efficiency were important components of the upgrade. The AEI incorporated expanded solar photovoltaic installations, enhancements to the chiller system carried out in partnership with KJTS, and the adoption of LED lighting. Improvements were also made to ventilation, drainage and recycling infrastructure to support environmental performance targets aligned with GreenRE Gold standards.
KIP REIT chief executive officer Valerie Ong said the project reflects the trust’s strategy of allocating capital carefully to maintain asset relevance, strengthen recurring income and support long-term value creation. She added that reinvesting in existing properties remains a key approach in ensuring buildings remain competitive and responsive to evolving tenant and consumer needs.
Asset enhancement initiatives have become increasingly common across Malaysia’s real estate sector, as landlords seek to reposition properties to meet changing occupier expectations and sustainability requirements. Similar strategies are being adopted in key urban markets, where upgrading older buildings can improve the competitiveness of commercial property in KL and office space in Bukit Jalil, while industrial developers are also modernising facilities to remain attractive to tenants searching for industrial land in Selangor, factories in Puchong, and industrial property in the Subang area.
As retail and commercial properties continue to evolve, refurbishment and repositioning projects are expected to play a larger role in sustaining asset value and ensuring long-term rental resilience across Malaysia’s property market.
Vietnam