“Sunway-REIT has recovered well from the black swan event, the Covid-19 pandemic. We see investment opportunities continue to emerge in 2023 and it will be fairly vibrant,” said its CEO.
Chief executive officer Datuk Jeffrey Ng Tiong Lip views 2023 as a year of opportunities as the company continues to expand its market capitalisation and asset base, as well as diversifying its portfolio into other segments.
As at Dec 31, 2022, Sunway-REIT has a total of 20 assets worth RM9.1bil, of which retail, hotel, services, office, and industrial and others make up 57%, 20%, 11%, 10% and 2%, respectively. Sunway-REIT’s revenue for the financial year 2022 was at RM651mil, with a net property income of RM500mil. “The portfolio performance of the company has outperformed CY21 and FY19 levels, predominantly supported by the encouraging recovery from the retail and hotel segments, stable income contribution from the office segment, as well as the positive rental reversion in accordance with the master lease agreements from the services and industrial and others segments,” Bee Lien said.
“For perspective, we lost slightly over 40% of revenue during the pandemic years compared with the pre-pandemic period.
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