13 ANNUAL REPORT 2022 LETTER TO STAKEHOLDERS Additionally, in anticipation of an eventual increase in retail crowd and changes in consumer shopping behavior, the Manager continues to engage with the property manager to undertake a repositioning of the mall by incorporating more experiential shopping in KOMTAR JBCC. The Manager also has taken a complementary approach by appointing a reputable retail consultant to assist property manager for the repositioning, particularly in the asset enhancement initiatives. In the long term, the return of foreign shoppers and the ensuing repositioning exercise is expected to be an important catalyst to improve the mall’s yield performance moving forward. The Johor Bahru-Singapore Rapid Transit System (“RTS”) scheduled for completion by 2026 also bodes well for Johor, especially KOMTAR JBCC. With a capacity of 10,000 passengers per hour, the Johor Bahru-Singapore RTS is well-equipped to handle the anticipated increase in incoming travellers to the region and the subsequent rise in retail spending. The close proximity of Bukit Chagar station to KOMTAR JBCC makes travelling across the Causeway more convenient, which can make KOMTAR JBCC a more attractive destination for Singaporean shoppers. We also look forward to the upcoming development of the RM25 billion Ibrahim International Business District (“IIBD”) as a catalytic plan that will attract much welcomed foreign direct investment through the establishment of new businesses into the inner-city core of Johor Bahru. DATO’ HAJI MOHD REDZA SHAH BIN ABDUL WAHID CHAIRMAN These positive developments will ultimately attract more consumer footfall and should augur well for businesses based in the area. We also anticipate the enhanced commercial value of the area will draw more multinational firms to lease therein, resulting in a beneficial spillover effect on the office market, particularly on Menara KOMTAR. Looking into the industrial market segment, Al-Salām REIT plans to undertake diversification of asset class with more focus on the industrial spectrum and to take advantage of JCorp as the major industrial landowner in Johor via exploring opportunities to undertake sale leaseback arrangements of assets located within JCorp’s major industrial parks including Tanjung Langsat Industrial Park, Muar Furniture Park; Pengerang Industrial Park and the upcoming Sedenak Tech Park (“STeP”). Given the strategic location and brand familiarity of Al-Salām REIT’s properties, the Fund is in a favorable position to reap the benefits of these forthcoming developments. APPRECIATION AND ACKNOWLEDGEMENTS As we know, running a business is not without its challenges and cannot be done in isolation. It takes each and every one of us to pull together to come out of these trying times ahead as a team. I would like to thank Wan Azman bin Ismail who resigned as Non-Independent Executive Director and Chief Executive Officer after serving for five years. On behalf of the Board, Management and employees of the Manager, we wish him every success in his future endeavours. I am pleased to welcome Dato’ Salehuddin bin Hassan, Ng Yan Chuan and Lailatul Azma binti Abdullah to the Board and I look forward to working with them and the rest of the Board to sustain the Fund’s legacy and build on its success. On 11 January 2023, we welcome on board YM Raja Nazirin Shah bin Raja Mohamad as our new Chief Executive Officer. He joins Al-Salām REIT with a wealth of experience. We look forward to working with him in strengthening the Fund to meet new challenges that are before us. I would like to extend my gratitude to the Shariah Committee for their guidance and advice in ensuring that our assets and operations are shariah-compliant and true to our principles. We did well for FY2022. In line with this, I would like to express my gratitude to the management and employees for their loyalty, dedication and continued efforts. On behalf of the Board, I would also like to thank our unitholders, trustees, business partners, bankers, government authorities and other stakeholders for their continued support and confidence in the Fund.
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