Wednesday, 14 March 2012

Sunway REIT plans RM200m capex to refurbish Sunway Putra Place

KUALA LUMPUR (March 14): Sunway REIT Management Sdn Bhd has earmarked RM200 million as capital expenditure to transform Sunway Putra Place.

Sunway REIT Management, which is the manager for Sunway Real Estate Investment (SunREIT) said “The preliminary capital expenditure (capex) for the refurbishment of the mall is estimated at RM200 million. The refurbishment exercise is expected to take about 15-18 months with a projected return on investment (ROI) of 12.5% to 15.0%,” it said.

To recap, after the Federal Court dismissed the application for leave to appeal by Metroplex Holdings Sdn Bhd on Feb 20, Sunway REIT Management decided to refurbish Sunway Putra Place.

The strategy was to rejuvenate and reposition the mall as the preferred shopping destination for local visitors and tourists.

“The refurbishment for Sunway Putra Mall will be undertaken to refresh the architecture of the mall to appeal to the current retail trends. The refurbishment exercise is also expected to see total gross floor area increasing from 860,000 sq. ft. to 952,000 sq. ft.,” it said.

It plans to position the shopping mall as a“Lifestyle Urban-Chic” shopping mall targeting at mid income level to mid-upper income level shoppers and both domestic and foreign tourists.

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