Axis-REIT to acquire Tesco JB Hypermarket
Axis Real Estate Investment Trust (Axis-REIT) has proposed to acquire the Tesco JB Hypermarket Complex in Johor Baru for RM75.6 million cash from Bukit Indah (Johor) Sdn Bhd. This acquisition will increase the assets under the REIT’s management to over RM1.2 billion, Axis-REIT announced on Aug 24. Axis-REIT trustee, OSK Trustees Bhd, has entered into a sale and purchase agreement with Bukit Indah for the proposed acquisition to be funded by existing bank borrowings.
Plenitude posts record-high profit
Plenitude Bhd recorded its highest ever revenue and profit in FY2010 ended June 30. Net profit was RM84.19 million, up 5.5% from RM79.78 million in FY2009 while revenue rose 23.7% to RM349.71 million.
“The property market’s rebound has worked in our favour. Demand for our projects increased in the reporting year and the prices of our properties surged between 10% and 20% on average. This brought about a better-than-expected gross development value of RM324.36 million,” said executive chairman Elsie Chua in a statement dated Aug 23.
There were good response to its launches in Puchong, Johor Baru, Sungai Petani and Penang. Selling prices of its Penang project— Bayu Ferringhi — surged to about RM500 psf from RM420 psf a year ago. The project comprises condominium blocks and semi-detes launched last year. About 70% of the project has been taken up.
This article appeared in Corporate page, The Edge Malaysia, Issue 820, Aug 23-29, 2010