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KUALA LUMPUR: CapitaMalls Asia, the leading shopping mall owner in Asia expects to achieve returns on investments (ROI) for its three retail properties in Malaysia within 15 years, according to Sharon Lim, CapitaMalls Asia country head, Malaysia.
CapitaMalls owns three retail properties in Malaysia namely, Sungai Wang Plaza in Bukit Bintang, The Mines in Sri Kembangan and Gurney Plaza in Penang with a total nett lettable area (NLA) of 1.9 million sq ft and overall average occupancy of 97.4%.
CapitaMalls acquired the three properties for around RM1.9 billion and has invested slightly over RM100 million in assets enhancements initiatives (AEI).
Some of the AEI include reconfiguration of the NLA, upgrading of carparks and giving the facade a new look, said Lim.
"Malaysia is a key market for us. We will not be stopping at three malls nor will we only concentrate on Klang Valley. Though we do not have any specific deals at the moment, we are constantly looking for opportunities," said Lim at a media presentation on Tuesday May 25.
When asked about the a possible real estate investment trust (REIT) listing in Malaysia, Lim said, "At this point, we have no concrete plans yet but it's definitely an option to explore."
CapitaMalls Asia owns 87 retail properties spread over 48 cities in five countries. Of the 87 properties, 61 are operational while six are expected to be completed this year and the remaining 20 after 2010. The value of the properties is S$20.4 billion and has a total group market cap of S$37.9 billion as of Dec 31, 2009.
CapitaMalls owns three retail properties in Malaysia namely, Sungai Wang Plaza in Bukit Bintang, The Mines in Sri Kembangan and Gurney Plaza in Penang with a total nett lettable area (NLA) of 1.9 million sq ft and overall average occupancy of 97.4%.
CapitaMalls acquired the three properties for around RM1.9 billion and has invested slightly over RM100 million in assets enhancements initiatives (AEI).
Some of the AEI include reconfiguration of the NLA, upgrading of carparks and giving the facade a new look, said Lim.
"Malaysia is a key market for us. We will not be stopping at three malls nor will we only concentrate on Klang Valley. Though we do not have any specific deals at the moment, we are constantly looking for opportunities," said Lim at a media presentation on Tuesday May 25.
When asked about the a possible real estate investment trust (REIT) listing in Malaysia, Lim said, "At this point, we have no concrete plans yet but it's definitely an option to explore."
CapitaMalls Asia owns 87 retail properties spread over 48 cities in five countries. Of the 87 properties, 61 are operational while six are expected to be completed this year and the remaining 20 after 2010. The value of the properties is S$20.4 billion and has a total group market cap of S$37.9 billion as of Dec 31, 2009.
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