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ENSURING A ROBUST BUSINESS MODEL

OUR CAPITAL

  • icon-F
    FINANCIAL
  • icon-P
    PORTFOLIO
  • icon-I
    INTELLECTUAL
  • icon-H
    HUMAN
  • icon-S
    SOCIAL AND
    RELATIONSHIP
  • icon-N
    NATURAL

OUTPUTS

OUTCOMES

TRADE-OFFS

Our Competitive Advantages

01

Diversified
Asset
Portfolio

02

Prudent Risk
Management

03

Experienced
and Diverse
Backgrounds
& Skill Sets

04

Strong
Relationship
with Tenants

05

Sunway
Brand
Synergy

06

Responsible
& Sustainable
Business
Practices

07

Performance
Track
Record

08

Progressive
Mindset &
Innovative
Processes

VISION

To be a leading diversified REIT in Malaysia committed to enhancing stakeholder value – Sustainable Growth, Environmental Stewardship and Community Engagement

MISSION

To deliver sustainable income distribution over the long-term through responsible business strategies supported by adaptive innovation solutions, management and sustainability practices

Purpose

  • Empowering businesses
  • Curating experiences
  • Enriching lives

CORE VALUES

  • Integrity
  • Humility
  • Excellence

NATURAL CAPITAL

INPUTS

  • 217,869 MWh energy sourced from the grid
  • 4,075 MWh solar energy generatio
  • 2,517,036 m3 of water consumption
  • 13,701 tonnes of waste produced (excluding construction waste)
  • Continued efforts to reduce environmental footprint
  • Identification and mitigation of climate risks

OUTPUTS

  • 12 tonnes Co2e Scope 1 emissions
  • 59,523 tonnes Co2e Scope 2 emissions
  • 119,989 tonnes Co2e Scope 3 emissions
  • 91% waste directed to disposal
  • 9% waste diverted from disposal
  • 8 Green buildings

OUTCOMES

  • Lowered carbon footprint and efficient resource management
  • Continued improvements in sustainability performance and progressive advancement towards Net Zero Carbon Emissions by 2050
  • Adopted IFRS S2 Climate-related disclosure

TRADE-OFFS

The focus on preserving and conserving Natural Capital has led to improvements in Portfolio Capital. Investing in renewable energy has and continues to deliver significant benefits to enhancing the valuation and attractiveness of assets to investors and tenants. Thus, this is also enhancement of Social & Relationship and Financial Capitals. The prioritisation of Natural Capital has led to tangible positive outcomes in terms of improving asset valuation (Portfolio Capital), supported improved access to financing (Financial Capital), increasing asset’s appeal to tenants and investors, stronger brand equity and a growing corporate reputation for upholding environmental stewardship (Social & Relationship Capital).

Note: Data as at 31 December 2024

SOCIAL & RELATIONSHIP CAPITAL

INPUTS

  • 34 investor-related engagements
  • 1 Investor Day in December 2024
  • 1 townhall for fixed income investors
  • 1 REIT-level CSR activity
  • Various stakeholder engagement strategies
  • Building strong and trust-based relationships with tenants
  • Participation and contribution to CSR activities
  • Green Lease Partnership Programme

OUTPUTS

  • Unit price improved 20.1% y-o-y
  • Highest amongst M-REITs: 15 research coverages
  • No. of Buy calls from analysts: 13
  • Increased unitholders to >32,000
  • 1,657 tenancies
  • 91% tenancy renewal rate
  • Zero fines for social / labour non-compliance
  • Green lease participation rate:
    • Retail: 91% Hotel: 100% Office: 91%
    •  Industrial & Others: 40%

OUTCOMES

  • Strong long-term relationships with business partners and stakeholders with high levels of integrity and fairness to all parties
  •  Enhanced tenant satisfaction and stakeholder relationships, closer working ties and improved productivity

TRADE-OFFS

Fostering robust relationships with stakeholders and ensuring rigorous adherence to corporate governance standards will significantly enhance all forms of Capital. Additionally, contributions towards social and humanitarian programmes will greatly benefit Social & Relationship, Portfolio, Human and Intellectual Capitals over the long-term.

Note: Data as at 31 December 2024

HUMAN CAPITAL

INPUTS

  • Total workforce of the Manager: 23 employees
  • No. of new hires: 4
  • >RM44,000 invested in employee training

OUTPUTS

  • Zero employee grievances recorded
  •  83% employee retention rate
  • 72% employee engagement score
  •  38 average training hours per employee

OUTCOMES

  • Providing local employment opportunities, developing local talents and the effective deployment of human capital enables Financial, Portfolio and Social & Relationship capitals.
  • Retail tenant satisfaction: 84%
  • Office tenant satisfaction: 98%
  • Hotel guest satisfaction: 89%

TRADE-OFFS

While developing Human Capital would require Financial Capital, investing in talent management and development enhances Intellectual Capital as well as Social & Relationship & Capital as it enables the retention and development of crucial organisational knowledge, skills and competencies. It also strengthens employee satisfaction and morale, which translates into improved organisational culture and operational productivity. This approach fosters continuous learning and innovation, ensuring sustained growth and resilience over the medium to long-term.

Note: Data as at 31 December 2024

INTELLECTUAL CAPITAL

INPUTS

  • TRANSCEND 2027
  • Organic and inorganic growth strategies
  • Market understanding and industry knowledge
  • Inherent expertise and experience
  • Leveraging brand reputation of Sponsor and Sunway REIT

OUTPUTS

  • Continued realisation of TRANSCEND 2027 Targets
  • The value of Intellectual Capital is reflected in the various business, operational and strategic achievements registered across all six capitals
  • Continued business and financial performance growth
  • 9 industry awards and accolades
  • Effective risk mitigation
  • Consolidation of Sunway brand value
  • Robust corporate governance and continued strengthening of internal processes and controls

TRADE-OFFS

Continued emphasis on strengthening Intellectual Capital as evident in the proliferation of technology and digitalisation incurs financial costs and automation of processes may reduce dependence on Human Capital. These may incur short-term financial impacts but ultimately provide increased cost and other operational efficiencies.


Technology may require a gestation period before the full benefits of the implementation can be optimised. This may impact the operational ability of Portfolio Capital but is expected to be a short-term impact as the proliferation of technology is normalised over time.

Note: Data as at 31 December 2024

Portfolio capital

INPUTS

  • Organic and inorganic growth strategies comprising AEIs, asset acquisitions and more
  • Space under management:
    • Retail: >6.1 million sq.ft. NLA
    • Hotel: >2,500 rooms
    • Office: >1.6 million sq.ft. NLA
    • Services: >1.8 million sq.ft. GFA
    • Industrial & Others: >1.1 million sq.ft. GFA

OUTPUTS

  • 9 new assets were acquired
  • Expansion of portfolio to 28 properties with a total property value of RM10.5 billion
  • Average occupancy rate:
    • Retail: 98%
    • Hotel: 65%
    • Office: 83%
    • Services: 100%
    • Industrial & Others: 80%

OUTCOMES

  • Further expansion into geographic regions i.e. Penang and Johor as well as ability to leverage new demographic market segments
  • Further progress made in the realisation of TRANSCEND 2027
  • Higher NPI yields and fair value gain
  • Healthy rental renewals and improved WALE

TRADE-OFFS

Portfolio Capital continues to be strengthened and even expanded post the acquisition of 9 new assets. Asset acquisition and enhancements typically necessitate further investments in facilitating ancillary resources such as additional human capital, technology and also the introduction of new management systems and processes into asset operations. Hence, beyond short-term financial capital erosion, assets may also lead to increased demand for Human, Intellectual and Social & Relationship Capitals. The Trust has allocated sufficient Financial Capital in meeting these
requirements.

Note: Data as at 31 December 2024

FINANCIAL CAPITAL

INPUTS

The pool of funds available to Sunway REIT, generated from rental income, property revaluation and financing through debt and equity.

  •  Total Unitholders’ funds: RM5.4 billion
  • Cash and cash equivalents RM289.8 million
  •  Total Borrowings: RM4.5 billion
  • Optimal gearing level 
  • Balanced debt portfolio
  • Dynamic and well-diversified financing profile

OUTPUTS

  • Revenue: RM767.1 million
  • NPI: RM569.7 million
  • DPU: 10.00 sen
  • Distribution yield: 5.4%
  • Total return: 25.5%
  • Gearing: 41.4%
  • Fixed vs Floating debt: 45:55
  • Average debt maturity: 2.2 years
  • Total assets: RM10.8 billion 
  • Total liabilities: RM4.9 billion 

OUTCOMES

  • Property value RM10.5 billion
  • Market capitalisation RM6.3 billion
  • 5-year average total return 5.6%
  • 98% of borrowings were structured with sustainable finance mechanism

TRADE-OFFS

Organic and inorganic growth strategies would typically erode short-term financial resources. The former includes capital expenditure and operating expenses attributed to AEIs and other asset enhancement or general maintenance activities or replacement of mechanical and electrical machinery, equipment and fixtures and fittings.

Financial Capital is also required for the acquisition of technology and human capital development. The need to investin Portfolio and other Capitals can lead to short-term erosion of financial values but supports the medium to long-termability to generate continued, sustainable returns for unitholders, as well as sustaining and improving business and operational performance.

Note: Data as at 31 December 2024
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