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NEWS UPDATES 16 January 2010

Malaysian property firm to build three office tower

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Sunway City Bhd will launch three office towers worth some 800 million ringgit in Kuala Lumpur and within the Sunway Integrated Resort in Selangor, the New Straits Times daily reported.

The Malaysian property business group plans to subsequently inject them into its real estate investment trust (REIT).

The property in Kuala Lumpur will be on Jalan Ampang next to the current Sunway Tower, formerly known as Wisma Denmark. This second tower, which will be 30 storeys high, will have 330,000 sq ft of nett lettable area with a value of 230 million ringgit.

"Development plans are afoot and we will start physical work as soon as the plans are finalised," SunCity's managing director for property investment Ngeow Voon Yean said.

It is also planning two office developments with nett lettable space of 277,000 sq ft and 500,000 sq ft, valued at 245 million ringgit and 330 million ringgit respectively.

"These are in the advanced stage of design," he said. Once ready, the offices will be leased as they are slated to be part of the proposed REIT.

Ngeow was speaking to reporters after the launch of Sunway Tower, a 27-storey building with 276,000 sq ft space.

SunCity bought the property for 170 million ringgit and spent 26 million ringgit on upgrading. The building, also said to be part of the planned REIT, saw rental rates improve 30-40 percent to 5.50 ringgit a sq ft. It is fully occupied compared with 40 per cent previously.

"With this inclusion, it has increased the commercial office net lettable area to about 600,000 sq ft and a total rental of about 30 million ringgit a year to SunCity," Ngeow said. (1$=3.4 ringgit)


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