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Wednesday, September 28, 2011

Sunreit takes possession of Putra Place

KUALA LUMPUR: Sunway Real Estate Investment Trusts (Sunreit) has finally taken complete physical possession of Putra Place, six months after it winning the bid for the building at an auction.

Sunreit was unable to move in as the previous owner of the assets, Metroplex Holdings Sdn Bhd took legal action to nulify the auction.

Sunreit Management Sdn Bhd's chief executive officer Datuk Jeffrey Ng when contacted by Business Times this morning said there are three parts to the assets.

"We took possession of the office building and mall last night after the court ruling which declared us as the rightful owner and we took possession of the hotel this morning," he said.

Ng added that the most important thing now is the hard work that will go into planned major refurbishment to enhance the property.

An estimated RM100 million to RM200 million will be spent on the asset that was bought for RM513.95 million.

By Business Times

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