UOA REIT’s revaluation of properties posts surplus of over RM29 million

KUALA LUMPUR: UOA Real Estate Investment Trust (UOA REIT)’s revaluation of its properties, UOA Centre, UOA II, UOA Damansara and UOA Pantai has resulted in a revaluation surplus of RM29,149,523, UOA REIT announced Jan 12.

The revaluation was conducted in compliance with the Securities Commission’s guidelines on REITs, which decreed that a revaluation of their investment portfolios should be carried out every three years, and also to ascertain the current market values of the four properties. The revaluations were conducted by PA International Property Consultants (KL) Sdn Bhd on Jan 11.

UOA Centre with a market value of RM70,993,051 posted a revaluation surplus of RM5,606,949, UOA II valued at RM223,801,332 posted a revaluation surplus of RM22,698,668 while UOA Damansara valued at RM104,153,394 posted a revaluation surplus of RM846,606. UOA Pantai however, posted a revaluation deficit of RM2,700 from its previous market value of RM86,002,700.

The revalued amount will be incorporated in the financial statements of UOA REIT as at Dec 31, 2009.

The revaluation reports are available for inspection at UOA Asset Management Sdn Bhd at No 9, Jalan Indah 16, Taman Cheras Indah, 56100 Kuala Lumpur during normal office hours from Monday to Friday (except public holidays) for a period of three months from Jan 12.