Axis REIT sets sights on nine more properties

AllMalaysia.info

P R O P E R T Y

News Thursday March 22, 2007

Axis REIT sets sights on nine more properties

KUALA LUMPUR: Axis Real Estate Investment Trust (REIT) aims to acquire eight or nine properties this year, bringing the total size of its assets to RM800mil.

Axis REIT Managers Bhd executive director Stewart LaBrooy said: “We plan to double our asset value this year. We are in a series of negotiations and hope to have these (new properties) in place soon, so that we can continue to grow.”

Speaking at a press conference in conjunction with Invest Malaysia 2007 yesterday, LaBrooy said the company was currently looking at five office and industrial properties.

He said negotiations on these properties should be concluded within the first six months of the year.

Stewart LaBrooy
Axis REIT properties include Menara Axis, Axis Business Park, Kompleks Kemajuan and Crystal Plaza, located in Petaling Jaya.

“Axis' investment regions are in the north, the Klang Valley and Johor,” LaBrooy said.

In the Klang Valley, land values were climbing in the KL-Petaling Jaya corridor, he said.

“Recent transactions have seen land sales in KL prime areas reaching RM1,000 per sq ft from an average of RM550-RM650 a year ago,” he added.

LaBrooy said prospects in Johor were buoyed by the launch of the Iskandar Development Region and escalating land prices in Singapore.

“Good ports and airports are supporting infrastructure for investments in Johor and Penang as well,” he said.

LaBrooy said for the local REIT market to develop, moves such as the removal of the 15% withholding tax for individual unitholders should be undertaken.

He also said the company had formed an association with other REIT managers to discuss issues in an effort to boost industry growth.

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