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Saturday, January 16, 2010

SunCity hopes to list property trust this year

SUNWAY City Bhd (SunCity) hopes to list its real estate investment trust (REIT) in Malaysia this year, the group founder Tan Sri Dr Jeffrey Cheah said.

"We are ready to go if the mar-ket is right for listing," he told Business Times at the launch of Sunway Tower in Kuala Lumpur yesterday.

Cheah said that the right mar-ket would be one that gives a yield of about 6 per cent, which is a more manageable level compared with about 8 to 8.5 per cent currently.

REIT yields rose last year as markets were hit, causing huge discounts to the net asset value (NAV).
When asked if it was certain that the listing would take place on Bursa Malaysia, Cheah said: "Everything points towards a listing in Malaysia."

"The timing (for a possible listing) this year looks more appropriate and we are working towards it," SunCity executive director Datuk Jeffrey Ng said.

It was reported that SunCity was looking at a RM3 billion to RM4 billion REIT which will include Sunway Pyramid Mall, Sunway Resort Hotel, Sunway Pyramid Tower Hotel and Sunway Medical Centre in Selangor as well as Sunway Carnival Mall in Penang.

The group first announced the REIT plan five years ago.

By Business Times

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