This study examines the potential of Aggregated Demand Response (ADR) strategies in Heating, Ventilation, and Air Conditioning (HVAC) systems for commercial buildings in Malaysia. With HVAC systems accounting for at least 38% of building energy consumption, ADR presents significant energy savings and grid stability opportunities. Through a comprehensive review of existing literature, this paper analyzes the current market structure of Malaysia’s electricity sector and evaluates energy consumption patterns in commercial buildings. The study identifies key requirements for implementing DR programs, focusing on technical, economic, and regulatory considerations, with a particular emphasis on the role of aggregators. The findings suggest that ADR implementation can lead to substantial reductions in peak demand, electricity costs, and the frequency of voltage sags. However, the research also highlights challenges across technical, economic, regulatory, and social dimensions. This research provides crucial insights for stakeholders, stressing the need for collaborative efforts to harness the full potential of ADR in Malaysia's commercial building sector. The study concludes by proposing future research areas, including the development of climate-tailored ADR strategies, cost-effective HVAC retrofits, and policy analysis to support ADR adoption.