1. Introduction
The Board of Directors of Damansara REIT Managers Sdn Berhad, the management company of Al-‘Aqar (“Manager”) wishes to announce that AmanahRaya Trustees Berhad, the trustee of Al-‘Aqar, has carried out a revaluation on each of the following investment properties of Al-‘Aqar (collectively referred to as “properties”) in accordance with the purpose stated in section 2 below (hereinafter referred to as “Revaluation”):
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1)
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KPJ Ampang Puteri Specialist Hospital
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2)
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KPJ Damansara Specialist Hospital
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3)
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KPJ Selangor Specialist Hospital
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4)
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KPJ Johor Specialist Hospital
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5)
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Puteri Specialist Hospital
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6)
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Kluang Utama Specialist Hospital
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7)
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KPJ International College, Bukit Mertajam
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8)
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KPJ Penang Specialist Hospital
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9)
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Kedah Medical Centre
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10)
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Taiping Medical Centre
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11)
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Damai Care & Wellness Centre
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12)
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KPJ Tawakal Specialist Hospital
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13)
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Tawakal Health Centre
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14)
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Sentosa Medical Centre
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15)
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KPJ Kajang Specialist Hospital
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16)
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KPJ Klang Specialist Hospital
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17)
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KPJ Seremban Specialist Hospital
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18)
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KPJ Healthcare University College, Nilai
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19)
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KPJ Ipoh Specialist Hospital
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20)
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KPJ Perdana Specialist Hospital
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21)
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Kuantan Care & Wellness Centre
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22)
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KPJ Batu Pahat Specialist Hospital
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23)
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Jeta Gardens Aged Care and Retirement Village, Australia
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2. Purpose of the Revaluation
The Revaluation carried out on all the above Properties was to comply with Paragraph 10.02 (b)(i) of the SC’s Listed REIT Guidelines where the Properties are required to be revalued at least once a financial year and for accounting purposes to be in line with the Malaysian Financial Reporting Standard 140. The Revaluation is not subject to the approval of the SC.
3. Revaluation Surplus / (deficit)
The details of the Revaluation surplus / (deficit) are set out in the tabulation below:
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No
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Properties
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Carrying value as at 31 December 2020
(prior to valuation)
RM ‘000
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Market Value
31 December 2020
RM’000
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Surplus/(deficit) to be incorporated.
RM’000
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1)
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KPJ Ampang Puteri Specialist Hospital *
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137,000
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137,000
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-
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2)
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KPJ Damansara Specialist Hospital *
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135,000
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135,000
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-
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3)
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KPJ Selangor Specialist Hospital *
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83,000
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82,000
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(1,000)
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4)
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KPJ Johor Specialist Hospital *
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122,000
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122,000
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-
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5)
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Puteri Specialist Hospital *
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42,000
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42,000
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-
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6)
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Kluang Utama Specialist Hospital *
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5,000
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4,700
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(300)
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7)
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KPJ International College, Bukit Mertajam *
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16,300
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15,400
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(900)
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8)
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KPJ Penang Specialist Hospital *
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64,000
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64,000
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-
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9)
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Kedah Medical Centre *
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53,000
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52,000
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(1,000)
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10)
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Taiping Medical Centre *
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10,000
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10,000
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-
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11)
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Damai Care & Wellness Centre *
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15,000
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14,100
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(900)
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12)
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KPJ Tawakal Specialist Hospital **
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138,700
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139,800
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1,100
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13)
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Tawakal Health Centre **
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48,400
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48,800
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400
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14)
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Sentosa Medical Centre **
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30,000
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30,500
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500
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15)
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KPJ Kajang Specialist Hospital **
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50,600
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51,900
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1,300
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16)
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KPJ Klang Specialist Hospital **
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103,600
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104,800
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1,200
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17)
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KPJ Seremban Specialist Hospital **
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69,600
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69,200
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(400)
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18)
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KPJ Healthcare University College, Nilai **
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105,900
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106,500
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600
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19)
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KPJ Ipoh Specialist Hospital **
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76,300
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77,000
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700
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20)
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KPJ Perdana Specialist Hospital **
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45,500
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42,120
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(3,380)
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21)
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Kuantan Care & Wellness Centre **
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20,500
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20,400
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(100)
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| 22) |
KPJ Batu Pahat Specialist Hospital # |
78,000 |
80,000 |
2,000 |
| 23) |
Jeta Gardens Aged Care and Retirement Village, Australia ## |
120.414 |
88,125 |
(32,289) |
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TOTAL |
1,569,814 |
1,537,345 |
(32,469) |
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Notes:
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*
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The properties were valued by Knight Frank Malaysia Sdn Bhd., an independent firm of professional valuers.
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**
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The properties were valued by Henry Butcher Malaysia Sdn Bhd., an independent firm of professional valuers
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#
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The properties were valued by Cheston International (KL) Sdn Bhd., an independent firm of professional valuers
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##
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The properties were valued by CBRE I WTW, an independent firm of professional valuers
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4. Effect on the Net Asset Value
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The total revaluation deficit of RM32.5 million represents 2.1% over the unaudited net book value of RM1,569.8 million as at 31 December 2020 (before revaluation). Based on the unaudited results as at 31 December 2020, the net asset value per unit declined by RM0.0441 per unit upon incorporation of the revaluation deficit of RM32.5 million.
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5. Documents Available for Inspection
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The valuation reports in relation to the Revaluation are available for inspection at the management office at Damansara REIT Managers Sdn Berhad, Unit 1-19-02, Level 19, Block 1, VSQ Tower, 46000 Petaling Jaya, Selangor during normal office hours from Monday to Friday (except public holidays) for a period of three (3) months from the date of this announcement.
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This announcement is dated 19th February 2021
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