Hektar REIT posts RM18m revaluation surplus

KUALA LUMPUR  (Dec 11 ): Hektar Real Estate Investment Trust posted a revaluation surplus of RM17.69 million from its latest market worth assessment its three retail assets.

In a statement to Bursa Malaysia on Tuesday, Hektar said the revaluation of Subang Parade and Mahkota Parade in Selangor and Melaka respectively besides Wetex Parade in Johor has given these entities a combined market value of RM841.27 million. This compares to these properties latest reported collective book value of RM823.58 million, according to the property trust.

"The total revaluation of Subang Parade, Mahkota Parade and Wetex Parade represents a surplus of approximately 2% over the unaudited net book value of RM823.6 million as at September 30,  2012 (before revaluation).

"Based on the unaudited results as at September 30, 2012, the net asset value per unit of RM1.4673 will increase to RM1.5226 upon incorporation of the revaluation surplus of RM17.7 million or equivalent to 5.53 sen per unit," Hektar said.

According to Hektar, the revaluation which was done in October this year by Henry Butcher, had given Subang Parade and Mahkota Parade market values of RM391.27 million and RM315,000 respectively. Meanwhile, Wetex Parade was deemed to be fairly valued at a market price of RM135,000, Hektar said.

Hektar said Subang Parade and Wetex Parade are freehold properties while Mahkota Parade is a leasehold entity.

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