Bursa Announcements
Date : 09 May 2011

OTHERS Revaluation of investment properties pursuant to Financial Reporting Standard 140

AMFIRST REAL ESTATE INVESTMENT TRUST

TypeAnnouncement
SubjectOTHERS
DescriptionRevaluation of investment properties pursuant to Financial Reporting Standard 140

1. INTRODUCTION

The Board of Directors of Am ARA REIT Managers Sdn Bhd (“Am ARA”), the Manager of AmFIRST, hereby announces that it has carried out a revaluation exercise on the following properties:

No

Name of Property

Address

Description

 1.

 Bangunan AmBank Group (“BAG”)

No. 55, Jalan Raja Chulan, 50200 Kuala Lumpur

 

A 26-storey office building with car parks on basements 1 to 3, Level 1 and Level 3 to 6, sitting on a 99 years leasehold land expiring on 3 June 2084, measuring 47,598 sq ft.

 2.

 Menara AmBank (“MAB”)

No. 8, Jalan Yap Kwan Seng, 50450 Kuala Lumpur

A 46-storey purpose built office building together with car parks on Levels 4 to10, sitting on a freehold land measuring 80,417 sq ft.

 3.

 AmBank Group Leadership Centre (“AGLC”)

Lorong P. Ramlee, 50250 Kuala Lumpur

A 14-storey office building with a penthouse level and car parks on the ground, 4th and 5th floor, sitting on a freehold land measuring 15,371 sq ft.

 4.

 Kelana Brem Towers (“KBT”)

Jalan SS 7/15 (Jalan Stadium), 47301 Kelana Jaya, Selangor

 

Two (2) 16-storey purpose built office towers which are connected at Level 1 to 5 and 1 level basement car park, sitting on a 99 years leasehold land expiring on 19 February 2094, measuring 87,100 sq ft.

 

 5.

 Menara Merais

 

 No 1, Jalan 19/3, 46300 Petaling Jaya, Selangor

A 22-storey purpose-built office building with a mezzanine floor and  3 levels basement car park, sitting on a freehold land measuring 48,569 sq ft.

 6.

 The Summit Subang USJ (“The Summit”)

 Persiaran Kewajipan, USJ 1, 47600 UEP Subang Jaya, Selangor

Sitting on a freehold land measuring 1,713,954 sq ft, the property consists of the office lots, retail lots, a 4-star rated hotel and 1,966 car park bays.

2. PURPOSE OF VALUATION

The revaluation exercise was conducted for accounting purposes in line with the Financial Reporting Standard (“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.

The revaluation is not subject to the approval of the Securities Commission (“SC”). Notwithstanding that, pursuant to Clause 10.10 of the SC’s Guidelines on REITs, the valuation reports will be deposited with the SC together with the annual report of the fund.

3. REVALUATION SURPLUS

The details of the revaluation surplus are set out below:

 

Investment Properties

 

Net Book Value 31/3/2011

(RM)

Market Valuation 31/3/2011

(RM)

Gain/ (Impairment)(RM)

 

Valuation Date

 

1

BAG

230,624,358

231,000,000

375,642

15/03/2011

2

MAB

292,036,000

299,000,000

6,964,000

15/03/2011

3

AGLC

19,934,000

20,700,000

766,000

15/03/2011

4

Menara Merais

64,000,000

64,000,000

-

15/03/2011

5

KBT

114,000,000

111,000,000

(3,000,000)

15/03/2011

6

THE SUMMIT

300,157,358

298,300,000

(1,857,358)

15/03/2011

TOTAL

1,020,751,716

1,024,000,000

3,248,284

15/03/2011

The valuation for BAG, MAB, AGLC and Menara Merais were valued by Messrs CH Williams Talhar & Wong, while KBT and The Summit were valued by Messrs Rahim & Co Chartered Surveyors Sdn Bhd. Both are an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia.

4. EFFECTS ON THE NET ASSET VALUE

Based on the unaudited results as at 31 March 2011, the net asset value per unit of AmFIRST (after provision for income distribution) will be RM1.3631 upon incorporation of the revaluation surplus of RM3.248 million.

5. DOCUMENTS AVAILABLE FOR INSPECTION

The valuation reports in relation to the revaluation are made available for inspection at the registered office of Am ARA, 22nd  Floor Bangunan AmBank Group, No.55 Jalan Raja Chulan, 50200 Kuala Lumpur during normal office hours from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.

This announcement is dated 9 May 2011.



Announcement Info

Company NameAMFIRST REAL ESTATE INVESTMENT TRUST  
Stock Name AMFIRST    
Date Announced9 May 2011  
CategoryGeneral Announcement
Reference NoAR-110509-49478

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