Monday 17 February 2014

SUNREIT - Sunway Putra Place

Sunway Putra Place (Sunway Putra Mall, Sunway Putra Hotel, Sunway Putra Tower)

The trust aims to double Sunway Putra Place's net property income (NPI) from RM25.87m it attained in FY2013 ended June 30. (Sunway Putra Mall RM10.19m, Sunway Putra Tower RM4.83m, Sunway Putra Hotel RM10.85m)

Total acquisition cost and related expenses for the 3 properties were RM522.1m. Refurbishment cost was RM459.2m. Total investment in Sunway Putra Place RM981.3m

Sunway Putra Mall
Net lettable area (NLA) will be increased by 16% to 580,000 sqf.
Cost psf RM910

Sunway Putra Hotel
618 rooms.
Cost per room RM550,000

Sunway Putra Tower
NLA of 317.000 sqf.
Cost psf RM350

Reference for acquisition cost

Pavilion KL RM2,390psf in 2011
Lot 10 shopping centre RM1,561psf in 2009

Office (2008-2011)
Bangsar South's The Horizon Phase 1 Block 6 RM781psf, highest between 2008-2011
Darul Takaful RM412psf
Pavilion Tower RM738psf

Hotel (5 star hotels in KL)
Westin Bukit Bintang RM1.01m per room in 2006
JW Marriott RM586,453 per room

Source: The Edge Weekly February 17, 2014

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