Tuesday, April 27, 2010Sunrise mulls REIT listing Malaysian property developer Sunrise may consider injecting some of its property assets into a real estate investment trust as they begin to deliver stable income, said its executive chairman.
“We have invested considerably in a pool of investment assets over the last few years, which are now starting to bear fruit,” said Tong Kooi Ong.
Sunrise, ranked ninth among listed Malaysian developers, may consider a REIT “at a later stage,” Tong said in an email interview.
Larger rival Sunway City this month said it will inject eight retail properties into a REIT this year in a deal that bankers said may raise up to RM1 billion (US$315.3 million) for the company.
Tong, a former banker and stockbroker, said Sunrise has not planned to enter fast-growing Vietnam and China.
“For the medium term, our overseas focus will be on Canada.
We do not have plans for the moment to venture into Vietnam or China,” he said.
Sunrise’s Tong said there has been no major impact on property sales from the recent interest rate hike.
Malaysia is one of the first in Asia to withdraw crisis measures when the central bank raised its key policy rate by 25 basis points to 2.25 per cent percent in March. Most economists expect more hikes later this year.
The central bank’s overnight policy rate is still below its long-term rate of 2.75 per cent after the March increase, said Tong.
“Overall mortgage rates remain very low and the banks have been accommodative in credit approvals,” he said.
By Reuters 
Fri May 04, 2012 4:59 pm by demin
Subject: Sunrise mulls REIT listing 
