34 AL-SALĀM REIT ANNUAL REPORT 2023 *The fair value is at RM153 million, derived from the market value of RM172 million less unbilled rental income Existing Use Community Hypermarket GFA (sq. ft.) Including Covered Car Park 589,232 GFA (sq. ft.) Excluding Covered Car Park 360,628 NLA (sq. ft.) 253,784 Number of Car Park 634 covered Bays parking bays and 171 surface car parking bays Market Value RM172 million No of Parking Bay 805 Occupancy Rate 100% Located in Kuala Terengganu, Mydin Hypermart Gong Badak is a two-storey hypermarket housing commercial activity within the robust retail and wholesaling market segments. The mall comprises conventional retail lots, including F&B lots, promotion lots, kiosks, pushcarts, ancillary lots, bazaar lots and food court. Designed as a modern shopping mall that offers a more leisure-like atmosphere, Mydin Hypermart Gong Badak is one of the main attractions for locals in Kuala Terengganu. LEASE TERM 30 years commencing from 21 September 2018 and ending on 20 September 2048. CHALLENGES AND PROSPECTS As the asset is under a triple net lease arrangement with Mydin Hypermart being well positioned as a resilient community hypermarket, the Manager expects Mydin Hypermart Gong Badak to sustain its contribution to Al-Salām REIT’s core income. In adopting a comprehensive strategy, Mydin Hypermart Gong Badak combines competitive pricing with a robust community engagement programme, catering to the specific demands of this captive market. Leveraging the strength of the wellestablished Mydin brand further enhances its appeal and the Manager believes that this synergistic approach positions the hypermart to consistently attract patrons over the long term. MYDIN HYPERMART GONG BADAK LOCATION: Kuala Terengganu, Terengganu MANAGEMENT DISCUSSION AND ANALYSIS RETAIL SEGMENT
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