Sunday, September 29, 2013

Sunway REIT sure assets will exceed RM7b by 2015

Sunway REIT sure assets will exceed RM7b by 2015

PETALING JAYA: Sunway REIT, Malaysia's second largest real estate investment trust, is confident its total assets under management will exceed RM7 billion by 2015.

"There's another RM3 billion in pipeline assets and third-party acquisitions," Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng said after the company's investor meeting here yesterday.

Listed on Bursa Malaysia's Main Market in 2010, Sunway REIT manages properties in the retail and hospitality space in Penang, Perak, Selangor and Kuala Lumpur, valued at RM5.18 billion.

These assets have the strong backing of property developer Sunway Bhd and enjoy good occupancy.

For the year ended June 2013, the trust's distribution per unit jumped 10.7 per cent to 8.3 sen from 7.5 sen previously, four per cent higher than consensus estimates.

For the next two years, Ng said Sunway REIT has allocated RM580 million in capital expenditure.

"We have decided to accelerate the refurbishment of Sunway Putra Hotel and Sunway Putra Tower to allow a wholesome brand new three-in-one mixed-use Sunway Putra Place by 2015.

"That aside, the upgrading works for Oasis Boulevard Phase 5, which forms part of Sunway Pyramid shopping mall, are expected to be completed by end 2013," he added.

Upon completion, this will increase Sunway Pyramid's net lettable area by 20,300 square feet.

Ng said investors are delighted to learn that there will be a rental increment ranging from 16 per cent to 18 per cent for more than half of the nett lettable area in the mall.

"The rental renewal runs for the next three years."

Sunway REIT remains bullish on the retail sector on the back of strong consumerism, a young population and the growing affluence of the nation.

"We are optimistic of the prospects of the hospitality sector, where the tourism business will benefit from the government's promotional activities to boost tourist arrivals ahead of Visit Malaysia Year 2014," Ng said.

Publish date: 26/09/13

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