The Malaysian Hektar Real Estate Investment Trust (Hektar REIT) has now planned to rope in solar energy to reduce the energy costs of its malls in the South Asian country. CEO of the trust Johari Shukri Jamil recently revealed the plans to use solar power in their malls.
Hektar REIT owns 2 million square feet of retail space in four states in Malaysia. Their assets are valued at RM1.2 billion as of Dec 31, 2022. Some of its commercial properties included– Subang Parade in Selangor; Mahkota Parade in Melaka; Wetex Parade and Classic Hotel in Muar, Johor, Central Square in Sungai Petani, Kedah, Kulim Central in Kedah and Segamat Central in Johor.
Shukri said, “It is important to address electricity usage as it takes a huge portion of our utility bill, constituting about 89 percent, where we paid about RM19 billion alone last year on electricity. There are internal targets and capital spending for environmental, social, and governance (ESG) activities this year and what the company intends to achieve. Hektar REIT intends to ensure that all business activities adhere to strong ESG standards, he said following the company’s shareholders’ meeting earlier this month.”
Hektar Asset Management Sdn Bhd (Hektar), the manager for Hektar Real Estate Investment Trust (Hektar REIT), is adopting ways to cut costs and review the REIT sector’s growth this year due to the uncertain global outlook that might affect domestic economic activities.
Shukri further informed that the company had invested RM10 million over the last five years in various climate-change-related programmes. Moreover, the company has also looked into renewable energy initiatives and other methods, including reduced energy usage, restored cooling towers, updated air-conditioning and mechanical ventilation, and constructed cold water systems.