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Tuesday, October 2, 2012

Naim Holdings plans REIT, value RM3bil

KUALA LUMPUR: Naim Holdings Bhd plans to launch a real estate investment trust (REIT) with a property value of about RM3bil.

The REIT would be launched within six to nine years when the property assets have reached "sufficient size", said its senior director for corporate services Ricky Kho.

He said on Tuesday it was the Sarawak-based Naim Holdings' long-term plan to generate recurring income and gain in property value.

For the REIT, the completed project is the two-storey Miri Permy Mall. Its occupancy rate is 94% and it is expected to generate rental income of RM8mil per annum.

The estimated fair value for the building and land is RM85.0mil and RM3.6mil respectively as at Dec 31, 2011.

The total development cost including land and building for the Permy Mall is RM52mil (land cost of RM3mil and building cost of RM49mil) with gross floor area of 275,000 sq ft and lettable floor area of 153,000 sq ft.)

Kho said the other properties under the proposed REIT would include mixed development projects which would be launched during the six to nine years.

By The Star

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