SunWay – thestar

Sunway REIT records pre-tax profit for Q1

Sunway Real Estate Investment Trust (REIT) recorded a pre-tax profit of RM310.64mil for the first quarter ended Sept 30, 2010, on the back of RM72.45mil revenue.

In a filing to Bursa Malaysia, Sunway REIT Management Sdn Bhd, the manager of Sunway REIT said the retail properties of Sunway REIT continued to enjoy increased visitors during the period under review and occupancy remained strong with Sunway Pyramid at 99%, Sunway Carnival at 93% and Suncity Ipoh Hypermarket at 100%.

It also expects the properties to continue to perform well especially Sunway Pyramid supported by positive economic fundamentals and the thriving Sunway Integrated Resort.

It said this was also reflected in the rental reversions achieved whereby Sunway Pyramid renewed 278 tenancies with net lettable area of approximately 924,000 sq ft representing 87% of the total net lettable area due for renewal in financial year ending June 30, 2011 with total rent increase of 15.8% for the three year-term.

The current renewal also saw the entrance of new retailers/food and beverage concept such as Daiso from Japan, Coach and T-Bowl Concept Restaurant. – Bernama