Hektar REIT gains RM14.4m from property revaluation

Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Friday, 06 December 2013 18:46
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KUALA LUMPUR (Dec 6): Hektar REIT has gained RM14.4 million after it
carried out a revaluation exercise of Subang Parade, Mahkota Parade, Wetex
Parade, Central Square and Landmark Central.
In a statement to Bursa Malaysia, the REIT said the total revaluation of the said
properties represented a surplus of approximately 1.4% over the unaudited net
book value of RM1.033 billion as at Sept 30, 2013 (before revaluation).
“The net asset value per unit was increased to RM1.5285 from RM1.4926 upon
incorporation of the revaluation surplus of RM14.4 million or equivalent to 3.59
sen per unit,” said Hektar REIT.
It said the revaluation was conducted to determine the current market values of
the above-mentioned properties for accounting purposes as per Financial
Reporting Standard (FRS) 140.
Since it has adopted the fair value method from FRS 140, Hektar REIT said it
will undertake an annual revaluation of all investment properties under its
portfolio.