"We are working on pipeline investment assets to include into the REIT later when they mature in earnings and have the right tenant mix," SunCity executive director Datuk Jeffrey Ng Tiong Lip told Business Times in an interview.
Ng said while existing REITs have to look for new assets to grow, SunCity has good assets in place.
This alone, he said, was a good selling point for SunCity and also a strategy to grow the REIT.
As at March 31 2009, SunCity's total asset value stood at RM5.2 billion.
It currently owns five hotels, two shopping malls, university colleges, theme parks and commercial towers, and a medical centre.
Reports indicate SunCity may also inject Sunway Pyramid Mall, Sunway Resort Hotel, Sunway Pyramid Hotel, Menara Sunway, Sunway University college and Monash University campus in Bandar Sunway, Selangor, Sunway Carnival Mall in Penang and Tambun Hypermarket in Ipoh, Perak into the REIT.
These properties currently command an average of 6-7 per cent yield per annum.
Other properties which may be included are Wisma Denmark in Kuala Lumpur, Sunway Medical Centre, KL South shopping mall in Cheras, and four new office towers in Bandar Sunway.
"We cannot speculate which assets will go into the REIT. The board will have to decide based on whatever that is being proposed," Ng said.
On whether the REIT will be launched by the end of this year or in 2010, Ng said SunCity will be prepared to launch the REIT when the market conditions improve, so as to best serve shareholders' interest.
SunCity is still weighing its option of whether to list on Bursa Malaysia or via reverse takeovers in Singapore or Australia.
By Business Times (by Sharen Kaur)
Ng said while existing REITs have to look for new assets to grow, SunCity has good assets in place.
This alone, he said, was a good selling point for SunCity and also a strategy to grow the REIT.
As at March 31 2009, SunCity's total asset value stood at RM5.2 billion.
It currently owns five hotels, two shopping malls, university colleges, theme parks and commercial towers, and a medical centre.
Reports indicate SunCity may also inject Sunway Pyramid Mall, Sunway Resort Hotel, Sunway Pyramid Hotel, Menara Sunway, Sunway University college and Monash University campus in Bandar Sunway, Selangor, Sunway Carnival Mall in Penang and Tambun Hypermarket in Ipoh, Perak into the REIT.
These properties currently command an average of 6-7 per cent yield per annum.
Other properties which may be included are Wisma Denmark in Kuala Lumpur, Sunway Medical Centre, KL South shopping mall in Cheras, and four new office towers in Bandar Sunway.
"We cannot speculate which assets will go into the REIT. The board will have to decide based on whatever that is being proposed," Ng said.
On whether the REIT will be launched by the end of this year or in 2010, Ng said SunCity will be prepared to launch the REIT when the market conditions improve, so as to best serve shareholders' interest.
SunCity is still weighing its option of whether to list on Bursa Malaysia or via reverse takeovers in Singapore or Australia.
By Business Times (by Sharen Kaur)
Posts
No comments:
Post a Comment