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CMMT says planning Sungei Wang Plaza enhancement

Sungei Wang Plaza

KUALA LUMPUR (March 29): Capitaland Malaysia Mall Trust (CMMT) has budgeted some RM80 million to enhance four of its five shopping malls in Malaysia this year.

CMMT chief executive officer Low Peck Chen said approximately RM54.5 million of the RM80 million will be used to redevelop five retail floors of the annex block of Sungei Wang Plaza (pictured) along Jalan Bukit Bintang here.

"I must say that a sizeable AEI (asset enhancement initiative) opportunity at Sungei Wang is rare because of its stratified structure. It took us one year to plan for this AEI," she told reporters after CMMT's annual general meeting here today.

According to CMMT's website, the real estate investment trust was established with the objective of investing in a portfolio of income-producing real estate primarily used for retail purposes and located in Malaysia.

CMMT said its portfolio of assets comprises five shopping malls and a complementary office block which are strategically located in five urban centres across Malaysia. The five assets are Gurney Plaza in Penang, a majority interest in Sungei Wang Plaza in Kuala Lumpur, Tropicana City Mall and Tropicana City Office Tower in Petaling Jaya, The Mines in Seri Kembangan, and East Coast Mall in Kuantan.

CMMT said the portfolio has a total net lettable area of over 3.1 million square feet and is valued at approximately RM3.9 billion.

At the press conference, Low said the Sungei Wang Plaza AEI includes facade upgrade and interior design, retail space reconfiguration and accessibility improvement work.

Low said the five-storey annex block, which will be rebranded as "Jumpa", will see a net lettable area of some 171,000 sq ft upon completion. She said construction of the annex block is expected to be completed by the first quarter of 2019.

At the noon break today, CMMT shares settled unchanged at RM1.08 for a market capitalisation of RM2.18 billion. CMMT's latest reported net assets per share stood at RM1.28. — theedgemarkets.com

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