Lot 10 Property, The Starhill owner cautious as Covid-19 impact remains uncertain

KUALA LUMPUR (April 27): The manager of YTL Corp Bhd-linked Starhill Global REIT, which owns the Lot 10 Property and The Starhill retail and hospitality entity along Jalan Bukit Bintang here, said the property trust remains cautious as the impact of the Covid-19 pandemic on its tenants’ businesses remains uncertain.

Singapore-listed Starhill Global REIT’s manager YTL Starhill Global REIT Management Ltd said although the recent roll-out of Covid-19 vaccines is positive for a global recovery, the property trust remains cautious as vaccine deployment, the reopening of borders and return of consumer confidence will take time.

"We will continue to monitor the impact of the pandemic on [our] tenants’ businesses so as to render necessary assistance while maintaining financial robustness given the fluidity of Covid-19,” YTL Starhill Global REIT Management said in a filing with the Singapore bourse yesterday.

According to Starhill Global REIT’s website, YTL Starhill Global REIT Management is a wholly-owned subsidiary of YTL Starhill Global REIT Management Holdings Pte Ltd, which is in turn an indirect subsidiary of YTL Corp.

Starhill Global REIT’s website indicates that the property trust, since its listing on the Singapore bourse on Sept 20, 2005, has grown its initial portfolio from interests in two landmark properties along Orchard Road in Singapore to 10 properties in Singapore, Australia, Malaysia, China and Japan.

The properties were collectively valued at about S$2.94 billion (about RM9.08 billion) as at June 30, 2020, Starhill Global REIT said.

"These comprised interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore; Myer Centre Adelaide, David Jones Building and Plaza Arcade in Adelaide and Perth, Australia; The Starhill (formerly known as Starhill Gallery) and Lot 10 Property in Kuala Lumpur, Malaysia; a retail property in Chengdu, China; and two properties in Tokyo, Japan,” Starhill Global REIT said.

At the 12.30pm break on Bursa Malaysia today, YTL Corp’s share price settled down half a sen or 0.69% at 71.5 sen, with a market value of about RM7.84 billion.

The stock was traded between 71 sen and 72.5 sen so far today.

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