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Wednesday December 5, 2012

IWH hopeful of listing next year

PETALING JAYA: A listing for Iskandar Waterfront Holdings Sdn Bhd (IWH) and a real estate investment trust (REIT) for all the commercial buildings under IWH development are on the cards sometime next year, according to IWH executive vice chairman Tan Sri Lim Kang Hoo.

“We have not appointed the investment bankers as yet but it is something we would need to do. We are definitely looking at it and targeting it next year since we just completed a merger this year. We need some time to get it organised for submission,’’ he told StarBiz.

“We are looking at recurring income for sustainability so that is why we are looking to list the company. We are looking at Bursa Malaysia for the listing.

IWH is looking for investors to jointly develop its 4,000 acres of land. It has thus far found players such as China’s Country Garden (Holdings) Ltd, Singapore’s Azea Residences, Australia’s Walker Group and Malaysia’s Dijaya Corp Bhd and Brunsfield Group to develop several parcels.

As to the REIT, he said it was also in the pipeline.

Asked on the value of the land owned in IWH, he said: “We had never done a valuation but now we are doing it because we are looking at a listing. I don’t have the figures yet.’’

Prices of land have increased substantially but not in all areas and he expects the value to rise once more development takes place on the landbank.

He said the REIT would be one division of IWH.

“We have joint ventures with the developers and together with our joint-venture partners we will park all the REITs into one company. The partners may have their own REITs, and we can just tag along with them.

“Definitely the REITs will be listed in our own country and a dual listing is a consideration,’’ he said.

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