Sunway REIT says market value of Malaysian properties up at RM7.982b

KUALA LUMPUR (Aug 6): Sunway Real Estate Investment Trust (SUNREIT) said today that the market value of its Malaysian properties rose to RM7.982 billion as at June 30, 2019, from RM7.809 billion previously, for a RM173 million surplus, following revaluation of its assets.

In a filing with Bursa Malaysia yesterday, SUNREIT — the assets of which include shopping malls and hotels — said the net revaluation surplus stood at RM108 million, after taking into account capital expenditure of RM65 million, based on the REIT's unaudited results for financial year ended June 30, 2019 (FY19).

"The NAV (net asset value) per unit of SUNREIT will be RM1.5133, upon incorporation of the net revaluation surplus of RM108 million (after accounting for capital expenditure incurred of RM65 million), based on the unaudited results for FY19," the filing said. 

At Bursa Malaysia yesterday, SUNREIT’s unit price was down two sen or 1.05% at RM1.89 at 3.38pm, valuing the property trust at RM5.566 billion.

SUNREIT's filing said the revaluation was carried out by Knight Frank Malaysia Sdn Bhd, Savills (M) Sdn Bhd and C H Williams Talhar & Wong Sdn Bhd.

The RM173 million revaluation surplus of its Malaysian properties took into account the acquisition cost of RM556 million for the Sunway University and College campus, the property trust added.

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