AmFIRST Real Estate Investment Trust (“AmFIRST”)
1. Revaluation of Investment Properties pursuant to Clause 10.03 of the Guidelines on Real Estate Investment Trust issued by the Securities Commission (“SC’s REIT Guidelines”).
2. Revaluation of The Summit Subang USJ pursuant to Financial Reporting Standard (“FRS”) 140.
AMFIRST REAL ESTATE INVESTMENT TRUST
Type
Announcement
Subject
AmFIRST Real Estate Investment Trust (“AmFIRST”)
1. Revaluation of Investment Properties pursuant to Clause 10.03 of the Guidelines on Real Estate Investment Trust issued by the Securities Commission (“SC’s REIT Guidelines”).
2. Revaluation of The Summit Subang USJ pursuant to Financial Reporting Standard (“FRS”) 140.
Contents
1. INTRODUCTION
1.1 Am ARA REIT Managers Sdn Bhd (“Am ARA REIT”), the Manager of AmFIRST, wishes to announce that it has carried out a revaluation exercise on the following properties pursuant to Clause 10.03 of the SC’s REIT Guidelines (“Revaluation”):
(i) Name of Property : Bangunan AmBank Group (“BAG”)
Address : 55, Jalan Raja Chulan, 50200 Kuala Lumpur
Title No. Pajakan Negeri 4512, Lot No 1200, Section 57 Town and District of Kuala Lumpur, Wilayah Persekutuan
Description : A leasehold land measuring approximately 47,600
square feet (4,422 meters) in area together with a 26-storey office building with car parks on basement 1 to 3, Level 1 and Level 3 to Level 6. Leasehold 99 years expiring on 3 June 2084.
(ii) Name of Property : Menara AmBank (“MAB”)
Address : No.8 Jalan Yap Kwan Seng, 50450 Kuala
Lumpur
Title No. Geran 52468, Lot No. 140, Section 44 Town and District of Kuala Lumpur, Wilayah Persekutuan
Description : A freehold land measuring approximately
80,420 square feet (7,471 square metres) in area together with a 46-storey office building comprising a 38-storey office levels, 1 level of amenities and 7 levels car park.
(iii) Name of Property : AmBank Group Leadership Centre (“AGLC”)
Address : Lorong P. Ramlee, 50250 Kuala Lumpur
Geran 6312, Lot No 1153, Section 57 Town of Kuala Lumpur, District of Kuala Lumpur, Wilayah Persekutuan
Description : A freehold land measuring approximately 15,371 square feet (1,428 square metres) in area together with a 14-storey office building with a penthouse level and car parks on the ground, level 4 and 5.
(iv) Name of Property : Menara Merais (“Merais”)
Address : No. 1 Jalan 19/3, 46300 Petaling Jaya, Selangor
Title No. HSM 9104, PT 29649, Mukim Sungai Buluh, District of Petaling, State of Selangor Darul Ehsan
Description : A freehold land measuring approximately 48,569
square feet (4,512.06 square metres) in area together with a 22-storey purpose built office building with a mezzanine floor and three levels basement car park.
(v) Name of Property : Kelana Brem Towers (“KBT”)
Address : Jalan SS7/15 (Jalan Stadium), 47301 Kelana Jaya,
Selangor
Title No. HSM 8547, PT 5135, Mukim of Damansara, District of Petaling, State of Selangor Darul Ehsan
Description : A leasehold land measuring approximately 87,100
square feet (0.8092 hectares) in area together with two 16-storey purpose built office towers, which are connected at level 1 to level 5 and one level basement for car park.
1.2 Revaluation of The Summit Subang USJ pursuant to FRS 140.
Name of Property : The Summit Subang USJ (“The Summit”)
Address : Persiaran Kewajipan, USJ 1
47600 UEP Subang Jaya, Selangor Darul Ehsan
Geran No. 43528, Lot 14 Pekan Subang Jaya,
District of Petaling Jaya, State of Selangor.
Description : A freehold land, comprising a retail mall known
as The Summit, a 332-room hotel known as The Summit Hotel and a 13-storey office tower block known as Menara Summit.
2. PURPOSE OF THE REVALUATION
The purpose of the revaluation was to ascertain the current market values of BAG, AGLC, MAB, Merais and KBT (collectively the “Investment Properties”) and to comply with Clause 10.03 of the SC’s REIT Guidelines.
The revaluation exercise on The Summit was to determine the current market value of the property for accounting purposes in line with the FRS 140. Under the fair value model of FRS 140, the fair value of the investment property shall reflect market conditions at the balance sheet date.
Further, pursuant to the revised SC’s Guidelines on REIT issued on 21 August 2008, a revaluation of all the REIT investment portfolio should be carried out every three (3) years and the approval of the SC for the Revaluation is not required.
3. REVALUATION SURPLUS
Details of the revaluation surplus arising from the revaluation are set out in Table 1 below. The revalued amount will be incorporated in the financial statements of AMFIRST REIT as at 31 March 2009.
4. EFFECTS ON THE NET ASSET VALUE
For comparison purposes and based on the net asset value per unit of the AmFIRST REIT of RM0.9950 per unit as reported to Bursa Malaysia Securities Berhad on 2 January 2009, the net asset value per unit would be RM1.3267 per unit upon incorporation of the revaluation surplus.
5. DOCUMENTS AVAILABLE FOR INSPECTION
The valuation reports in relation to the Revaluation are available for inspection at the registered office of Am ARA REIT, 22nd Floor Bangunan AmBank Group, 55, Jalan Raja Chulan 50200 Kuala Lumpur for a period of three (3) months from the date of this announcement.
6. NAME OF VALUER
The valuations of BAG, MAB, AGLC and Merais were carried out by independent professional valuers, Messrs CH Williams Talhar & Wong Sdn Bhd, while KBT and The Summit by Messrs Rahim & Co. Chartered Surveyors Sdn Bhd.
7. DATE OF VALUATION
The date of the valuations of BAG, MAB, AGLC and Merais is 27 February 2009, while KBT and The Summit are 5 February 2009 and 10 February 2009 respectively.
