Berjaya Assets Bhd (BAssets) is building new business ties both locally and globally to boost occupancy rates at the Berjaya Times Square Mall (BTS Mall) in Kuala Lumpur at a time when it is anticipated that the operating environment would continue challenging.

The most recent annual report from BAssets, which was submitted to Bursa Malaysia on Tuesday (Oct 25), states that as of June 30, 2022, BTS Mall has an occupancy rate of 86 per cent.

However, BAssets did not state what occupancy level was desired for BTS Mall, which has been open for 19 years.

The company said that even though the operational environment is anticipated to continue to be difficult, the hotel and entertainment sectors are anticipated to rebound in its fiscal year ending June 30, 2023. (FY2023).

It said BTS Mall will continuously work to upgrade and improve its spaces in order to give patrons the finest family entertainment experience possible and to boost tenant profitability.

The main subsidiary of BAssets, Berjaya Times Square Sdn Bhd (BTSSB), is the owner and manager of BTS Mall, the largest inner-city shopping and entertainment complex in Malaysia, with a gross built-up area of 7.5 million square feet on a four-hectare site along Jalan Imbi.

BTS Mall is made up of a 12-level shopping mall, two 46-storey towers with service suites and hotels, two levels of hotel floors, three levels of office floors, a five-level basement, and 10 floors of annexed car parks.

Over 1,000 retail stores, restaurants, and beverage establishments are located in the 3.5 million square foot shopping mall.

In a statement in the annual report, BTS Mall's chairman, Tunku Tun Aminah Sultan Ibrahim Ismail, stated that in response to the Covid-19 pandemic in FY2022, BTS Mall actively cut and postponed non-essential operating and capital investment in order to control costs and save money.

She said BTS Mall implemented stringent standard operating procedures to contain the infection of Covid-19, which began in early 2020.

"To grow, thrive, and stay relevant in a post-pandemic world, swift digital transformation of marketing strategies is vital. With physical contact kept to a minimum, digital marketing proves to be a lifeline to reach out and stay connected with customers.

"To this end, BTS Mall has continually invested in building its in-house digital and production team capable of transforming digital data into actionable insights and developing relevant engaging content that enables the business to swiftly respond to consumer sentiments. The in-house team provides digital and production support to all tenants of BTS Mall," Tunku Tun Aminah said.

Looking ahead, she said the compounding effect from the Covid-19 pandemic, Russia-Ukraine war, and pandemic-driven lockdowns in China have magnified the slowdown of the global economy, contributed to higher inflation and tighter financial conditions that may collectively lead to an "arduous year (FY2023) ahead".

"The domestic (Malaysian) economy is anticipated to recover at a moderate pace going forward amidst global headwinds and rising inflationary pressures. Given the prevailing economic conditions and financial outlook, the directors expect the property investment and hotel-related businesses operated by BTSSB and Berjaya Waterfront to be able to increase their occupancy rate going forward," she said.