MALAYSIAN property group Sunway City may revive a US$860 million plan to float its property assets via a REIT next year when market conditions recover, a top company executive said today.
“We will certainly go forward with the REIT. The only question is the right timing,” said Ngeow Voon Yean, managing director for property investment at Sunway City.
The listing plan will see Sunway City, Malaysia’s sixth-largest developer by market value, injecting its retail property assets such as shopping malls, hotels and theme parks into an investment trust.
The listing plan was stalled earlier this year after the global financial crisis, triggered by the U.S. subprime mortgage crisis, caused sharp falls in world stock markets.
“These few months will be a good signal to see where we are heading but frankly, whatever we are looking at will be next year,” Ngeow told Reuters in an interview.
Sunway may also revive a project worth “a few hundred million ringgit” to build an office tower later this year, to tap low interest rates and falling building material prices, Ngeow said.
Source from bernama.com.my
Subscribe to:
Post Comments (Atom)
Post a Comment