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TheSun 2008-11-04 Page14 ARMF Invests RM1.1b in Four Malls in Malaysia
TheSun 2008-11-04 Page14 ARMF Invests RM1.1b in Four Malls in Malaysia
business news
KUALA LUMPUR: Asian Retail Mall Investors, the real estate investment while the other two are in Penang. Out of the four malls, Island Plaza
Fund (ARMF) will be investing about management business of Prudential “The decision to invest in Malaysia is undergoing a major revamp over the KL market summary
RM1.1 billion in four malls in Malaysia Financial Inc of the United States. was driven by the positive growth figures next 12 to 15 months, with a total net NOVEMBER 3, 2008
to capitalise on the country’s positive Pramerica Real Estate Investors and consumer sentiment despite difficult lettable retail area of 326,800 sq ft. INDICES CHANGE
growth. (Asia) Pte Ltd’s portfolio management global market conditions,” he said at a The three new properties – 1st Av-
FBMEMAS 5,914.23 +245.70
ARMF is a real estate fund director Bernard Loh said two of the press conference here yesterday. enue, SSTwo and Ampang – with a net
COMPOSITE 899.35 +35.74
managed by Pramerica Real Estate malls are located in the Klang Valley Loh was speaking after announcing lettable area of 428,000 sq ft, 462,800 sq INDUSTRIAL 2,126.21 +40.57
the appointment of DTZ Nawawi Tie ft and 580,000 respectively, are due for CONSUMER PROD 269.24 +4.47
Leung Property Consultants Sdn Bhd as completion in fourth quarter next year INDUSTRIAL PROD 69.86 +2.25
the leasing agent and retail mall manager and first quarter of 2011. CONSTRUCTION 156.07 +9.77
for the four malls. “With our three new properties and TRADING/SERVICES 126.65 +3.69
The latest Malaysia Retail Industry the revamp mall, we are offering local, FINANCE 6,977.60 +359.04
PROPERTIES 524.62 + 15.16
Report placed the total retail expenditure regional and international retailers a dif- PLANTATIONS 3,794.51 +237.56
last year at nearly RM67.1 billion, which ferent and wider range of retail estate to MINING 251.28 +6.08
was 12.8% higher than the previous establish their business,” Loh said. FBMSHA 6,066.68 +213.22
year. On whether there are plans to inject FBM2BRD 4,329.17 +40.24
“We also believe that other critical the four malls into ARMF, he said: “Given TECHNOLOGY 14.47 +0.25
factors like increasing tourist arrivals the market situation, we really have to
TURNOVER VALUE
and sustained domestic spending will look at the market situation in terms of
provide a higher revenue,” Loh said. the stock market. But certainly the fund 982.139mil RM1.325bil
He said based on the Malaysian will consider at the point in time.”
Industrial Development Authority’s ex-
pectation of foreign direct investments
AsiaMalls Management Pte Ltd,
which was appointed by Pramerica to CI up 4.14%
for this year exceeding RM33.4 billion manage malls in Singapore, said there SHARE prices on Bursa Malaysia
recorded last year, Pramerica is keen to were several enquiries from its tenants ended higher yesterday as senti-
be part of an economy that still remains in Singapore that wanted to expand their ment improved globally with the
competitive despite the current financial brands in Malaysian markets. recent steps worldwide to tackle
climate and Malaysia fits the profile. “Singapore retailers want to expand the financial crisis, said dealers.
The four malls – SSTwo and Ampang their brands in the view that Malaysia Interest on key index stocks,
in the Klang Valley, and 1st Avenue and market is less expensive in terms of especially financial related stocks,
Island Plaza in Penang – will provide a set-up cost, rental and labour,” said its helped push the KLCI to 899.35, up
total net lettable area of about 1.8 million chief executive officer Michael Leong. 35.74 points or 4.14% after open-
sq ft. – Bernama ing 3.43 points higher at 867.04
yesterday morning.
At home, confidence level was
Public Bank sets up higher in the market ahead of
the government’s announcement