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UOA REIT expects occupancy, average rental rates to grow organically this year

 

UOA-PROPERTY
UOA REIT EXPECTS OCCUPANCY, AVERAGE RENTAL RATES TO GROW ORGANICALLY THIS YEAR
KUALA LUMPUR, May 23 (Bernama) -- UOA Real Estate Investment Trust (UOA
REIT), expects the occupancy and average rental rates for its six properties in
the Klang Valley to continue to grow organically in the current financial year.
Its Executive Director Tee Kim Siong said the growth would be driven by
the properties' strategic locations and excellent facilities.
"We are confident of sustaining and improving the current occupancy rates,"
he told a press conference after the company's first annual general meeting here
today.
Tee said the occupancy rates as of Dec 31, 2012 was between 84 per cent and
100 per cent.
"We are more of a stable player in the market with relatively consistent
returns," he said.
UOA REIT's six properties worth RM1.06 billion as of Dec 31, 2012 are UOA
Centre Parcels, UOA II Parcels, UOA Damansara Parcels, UOA Pantai, UOA Damansara
II and Menara UOA Bangsar-Parcel B.
The on-going refurbishment and upgrading of common areas in UOA Centre and
UOA II are expected to be completed in the current financial year.
"Such assets enhancement is expected to continue to maintain the older
buildings to be in good tenantable condition to sustain high occupancy rates.
"We would also like to maintain the office with clean condition and create a
conducive environment for the tenants," he added.
Both UOA Centre Parcels and UOA II Parcels have seen an increase in
occupancy rates compared with the previous year.
UOA REIT saw healthy growth in its financial year ended Dec 31, 2012, with
pre-tax profit surging to RM79.356 million from RM41.873 million a year ago.
Its revenue increased to RM87.343 million from RM79.742 million previously.
On prospects, Tee said the company would continue to adopt an active
operating and management strategy to enhance the yields and returns of its
existing properties.
-- BERNAMA
JSS JSS NN

KUALA LUMPUR: UOA Real Estate Investment Trust (UOA REIT), expects the occupancy and average rental rates for its six properties in the Klang Valley to continue to grow organically in the current financial year.

Its Executive Director Tee Kim Siong said the growth would be driven by the properties' strategic locations and excellent facilities.

"We are confident of sustaining and improving the current occupancy rates," he told a press conference after the company's first annual general meeting heretoday.

Tee said the occupancy rates as of Dec 31, 2012 was between 84% and 100%.

"We are more of a stable player in the market with relatively consistent returns," he said.

UOA REIT's six properties worth RM1.06 billion as of Dec 31, 2012 are UOA Centre Parcels, UOA II Parcels, UOA Damansara Parcels, UOA Pantai, UOA Damansara II and Menara UOA Bangsar-Parcel B. The on-going refurbishment and upgrading of common areas in UOA Centre and UOA II are expected to be completed in the current financial year.

"Such assets enhancement is expected to continue to maintain the older buildings to be in good tenantable condition to sustain high occupancy rates. We would also like to maintain the office with clean condition and create a conducive environment for the tenants," he added.

Both UOA Centre Parcels and UOA II Parcels have seen an increase in occupancy rates compared with the previous year. UOA REIT saw healthy growth in its financial year ended Dec 31, 2012, with pre-tax profit surging to RM79.356 million from RM41.873 million a year ago. Its revenue increased to RM87.343 million from RM79.742 million previously.

On prospects, Tee said the company would continue to adopt an active operating and management strategy to enhance the yields and returns of its existing properties.- Bernama

 

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