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Suncity to list REIT this year

KUALA LUMPUR: Sunway City Bhd (SunCity) aims to list its real estate investment trust (REIT) this year, said managing director for property investment Ngeow Voon Yean.

The listing of the REIT with an estimated value of between RM3 billion and RM4 billion would however depend on the recovery in the economy, he said.

The REIT listing which was delayed due to the global financial crisis will involve at least four properties in the Klang Valley and one in Penang, he added.

Ngeow was speaking to reporters after the launch of the newly refurbished Sunway Tower (formerly Wisma Denmark) on Jalan Ampang on Friday Jan 15.

Sunway Tower comprises 27 levels of office space with a net lettable area of 276,000 sq ft and eight levels of car park space. Adjoining it is a freehold vacant plot.

The company acquired Wisma Denmark in 2007 for RM170 million. A RM26 million refurbishment exercise was carried out to upgrade the building into a Grade A office building known as Sunway Tower.

“The acquisition of Wisma Denmark certainly created a valuable opportunity for SunCity to own a slice of the Golden Triangle,” said Ngeow.

The Tower is almost fully taken up and among the tenants are the Royal Danish Embassy, Alcatel and Ranhill-Worley-Parson.

Plans are afoot to develop the second Sunway Tower on the adjoining plot.

“We will start physical work as soon as the plans are finalized,” said Ngeow, adding that this would add another 330,000 sq ft of Grade A commercial office space with a value of about RM230 million.

He said the company also has plans to develop another two more office developments with net space of 277,000 sq ft and 550,000 sq ft with a gross development value of RM245 million and RM330 million respectively at Sunway Intergrated Resort in Bandar Sunway.

Currently SunCity owns and manages a portfolio of 4.7 million sq ft of commercial property including Sunway Pyramid Shopping Mall, Sunway Carnival Shopping Mall, Menara Sunway, Monash University Malaysia and Sunway University College.

Sunway Tower

 

 

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