News by JUSTIN LIM

Nevertheless, the year will still be a challenging one for Malaysian REITs, though those with flagship malls with strong market positioning will be able to weather the challenges better than their second-tier peers, said Head of equity research at RHB Asset Management Malaysia, Petrina Chong.

Though 68.9% of businesses see a gloomy outlook for the second half of the year, the drop in pessimism to 24.5% for 2021 reflects hope among the business community for next year.

"Management shared that during CMCO/RMCO, footfalls and tenants sales growth in their malls has shown some encouraging recovery signs, although their renewal has been hampered with negative double digit rental reversion.”

This, the REIT said in a filing yesterday, was due to a lower revenue amid the Covid-19 pandemic, which was however partly cushioned by lower property operating expenses of RM25.49 million versus RM58.40 million previously.

The growth, KIP REIT said, was largely underpinned by 11 months’ income contribution arising from the acquisition of AEON Mall Kinta City (AMKC), but partially offset by the amortisation of rental rebates. The rebates were given to eligible non-essential tenants during the Movement Control Order (MCO) period which amounted to RM1.6 million, KIP REIT’s statement showed.

The plot measures 3.811 ha and is located at Bandar Kota Bharu, within one kilometre from amenities such as Aeon Mall Kota Bharu, Platinum Wholesale Mall and Tesco Kota Bharu.

Number of active cases at 173

“Pakatan Harapan stressed that all main characters in the 1MDB ‘scam’ case must be tried in court including individuals named by the United States Department of Justice as ‘MO1’, Low Taek Jho (Jho Low), who are still not arrested. They cannot be allowed to go free.”

The group told Bursa Malaysia in a filing yesterday that this is to enable efficient management and ease of administrative purpose. The purchase price will be funded via internal generated funds. 

Income from its car park plunged 83.8% year-on-year (y-o-y) to RM930,000 from RM5.74 million while its marcom revenue and utilities recovery also declined during the MCO, it said in a bourse filing.