Management Discussion and Analysis FINANCIAL REVIEW (CONT'D) Moving Forward The REIT is committed to recalibrating our capital structure to achieve an optimal gearing level. This entails exploring cost-effective financing solutions and potential equity placements, aimed at enhancing financial flexibility and reducing reliance on debt. The implementation of these strategies is anticipated to bolster the REIT's balance sheet resilience, improve liquidity, and optimise distributable earnings. By actively managing our capital structure, Al-Salām REIT is positioned to better navigate market volatilities, capitalise on growth opportunities, and deliver sustainable long-term value to unitholders. This disciplined financial stewardship underscores the REIT's commitment to maintaining a robust and adaptable capital framework, essential for our continued success in a dynamic economic landscape. REVIEW OF OPERATIONS RETAIL SECTOR KOMTAR JBCC is a prominent lifestyle and retail destination strategically situated in the heart of Johor Bahru City Centre. The mall has a Net Lettable Area of 367,973 sq ft spanning across four levels and houses over 150 retail outlets, including renowned international brands, specialty stores, and diverse dining establishments. As a key component of the city's urban revitalisation initiative, KOMTAR JBCC plays a vital role in enhancing Johor Bahru's appeal as a premier shopping and entertainment hub. Its seamless connectivity to major transportation networks, notably the Johor Bahru Sentral Station and Customs, Immigration and Quarantine ("CIQ") Complex, further solidifies its position as a central attraction for both local patrons and international visitors. The upcoming Johor Bahru-Singapore Rapid Transit System (“RTS Link”), scheduled for commencement early 2027 will be directly connected to this mall via a Pedestrian Overhead Bridge. Existing use 4-level Shopping Mall GFA (sq. ft.) 623,374 NLA (sq. ft.) 367,973 Number of Car Park Bays 1,702 car parking bays Market Value RM431 million Occupancy Rate 69% KOMTAR JBCC 26 AL-SALĀM REIT ANNUAL REPORT 2024
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