Bursa Announcements
Date : 23 April 2010

Revaluation of Investment Properties pursuant to Financial Reporting Standard 140 and Clause 10.03 of the Securities Commission (“SC”) on revised Guidelines on Real Estate Investment Trust (“REIT Guidelines”)

AMFIRST REAL ESTATE INVESTMENT TRUST

TypeAnnouncement
SubjectRevaluation of Investment Properties pursuant to Financial Reporting Standard 140 and Clause 10.03 of the Securities Commission (“SC”) on revised Guidelines on Real Estate Investment Trust (“REIT Guidelines”)
ContentsRevaluation of AmFIRST Real Estate Investment Trust ("AmFIRST REIT")'s Investment Properties - Bangunan AmBank Group, Menara AmBank Group, AmBank Group Leadership Centre, Kelana Brem Towers, Menara Merais and The Summit Subang USJ.

1. INTRODUCTION

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

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 basement 1 to 3, level 1 and level 3 to 6, sitting on a 99 years leasehold land expiring on 3 June 2084, measuring 4,422 sq ft. 

 2.

 Menara AmBank (“MAB”)

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

A 46-storey office building together with car parks on level 4 to10, sitting on a freehold land measuring 7,471 sq metres.

 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 1,428 sq metres.

 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 comprising 3 levels of basement car park and a 2-storey mechanical block, 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 for:-

(i)                 Bangunan AmBank Group, Menara AmBank, AmBank Group Leadership Centre, Kelana Brem Towers and Menara Merais were 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.

(ii)               The Summit Subang USJ was conducted in accordance with Clause 10.03 of the SC’s Guidelines on REIT, whereby a revaluation of a fund’s investment portfolio should be  carried out once every three years.

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:

 

 

Net Book Value 31/3/2010

(RM)

Market Valuation 31/3/2010

(RM)

Gain/ (Impairment)(RM)

Valuation Date

Purpose of revaluation 

1

BAG

226,000,000

230,000,000

4,000,000

01/03/2010

Compliance to FRS 140

2

MAB

292,395,915

292,500,000

104,085

01/03/2010

Compliance to FRS 140

3

AGLC

20,000,000

20,000,000

0

01/03/2010

Compliance to FRS 140

4

Menara Merais

68,740,745

64,000,000

(4,740,745)

01/03/2010

Compliance to FRS 140

5

KBT

105,000,000

114,000,000

9,000,000

01/03/2010

Compliance to FRS 140

6

THE SUMMIT

283,721,692

287,500,000

3,778,308

02/03/2010

Clause 10.03 of the SC’s Guidelines on REITs

 

TOTAL

995,858,352

1,008,000,000

12,141,648

 

 

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 independent firms of professional valuers, 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 2010, the net asset value per unit of AmFIRST REIT (after provision for distribution) will be RM1.35 upon incorporation of the revaluation surplus of RM12.142 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 REIT Managers Sdn Bhd, 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 23 April 2010.

 

 

 



Announcement Info

Company NameAMFIRST REAL ESTATE INVESTMENT TRUST  
Stock Name AMFIRST    
Date Announced23 Apr 2010  
CategoryGeneral Announcement
Reference NoAR-100423-53970

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