news

Hektar REIT in survival, recovery mode for rest of FY20

PETALING JAYA (June 29): Hektar Real Estate Investment Trust (REIT) said it is in “survival plus recovery” mode for the rest of the financial year ending Dec 31, 2020 (FY20) as the group contends with the impact of Malaysia's movement control order (MCO) to curb the Covid-19 pandemic.

Hektar Asset Management Sdn Bhd executive director and chief executive officer Datuk Hisham Othman, speaking on behalf of the REIT's manager, said the REIT’s priority is to ensure that its cash flow is maintained, which involves tenants being able to continue operating at its malls.

“At the same time, as more people return to malls and hopefully spend more, we can increase our tenants' sales and hence their ability to pay their rents. So it is survival mode plus recovery mode, if you like, for the balance of this year,” Hisham said during a press conference held after Hektar REIT's virtual annual general meeting today.

According to Hektar REIT’s website, its portfolio comprises six established neighbourhood-focused shopping centres across Peninsular Malaysia.

Hektar REIT owns the Subang Parade shopping mall in Selangor and Mahkota Parade in Melaka.

In Johor, Hektar REIT owns Wetex Parade and Segamat Central, while its Kedah portfolio comprises Central Square and Kulim Central.

Stay safe. Keep updated on the latest news at www.EdgeProp.my 

Click here for more property stories

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. Hektar REIT bags Asean energy efficient building award for Subang Parade
  2. Hektar REIT aims to double asset value by 2026, says CEO
  3. Frasers Centrepoint Trust subscribes to its full allocation in Hektar REIT rights issue