Hektar REIT records higher net income

KUALA LUMPUR: Hektar Asset Management Sdn Bhd announced that Hektar real estate investment trust (REIT) recorded a positive realised net income of RM10.8 million for the second quarter ended June 30, 2013 from RM9.28 million in the previous corresponding period. Gross revenue increased 22% to RM29.7 million while net property income reached RM17.9 million, an increase of 21.3%.

“We have finalised an extensive asset enhancement initiatives (AEI) plan for Central Square in Sungai Petani and will embark on it in 3Q this year.

“The AEI is budgeted at RM23 million and is expected to be completed by 3Q next year,” said Hektar Asset Management CEO Datuk Jaafar Abdul Hamid in a statement.

He said the company plans to re-establish Central Square as the leading shopping mall in Sungai Petani in Kedah.

“We will be injecting modern interior and exterior designs to the mall, increasing the number of cinema screens to nine, improving amenities at the mall, and bringing a whole new shopping experience to our patrons.

“Our team has a solid track record in mall refurbishment. We are confident that upon completion of the AEI, both shopper traffic and the tenancy mix will improve vastly as evident in our previous malls,” Jaafar said.

He said Landmark Central will be the next focus for the company.

Hektar’s portfolio of shopping malls now includes Central Square in Sungai Petani and Landmark Central in Kulim, Kedah. — Bernama


This article first appeared in The Edge Financial Daily, on August 5, 2013.