I&T Penang Properties Blogs

Hektar Goup has announced the listing of Hektar Real Estate Investment Fund (REIT) on the main board of Bursa Securities tentatively on 4th December 2006. Hektar Group is offering 159 million new reits at a retail price of RM1.05 per unit or indicative institutional price of RM1.11 per unit begining from 15 Nov 2005 to 22 Nov 2006.

Hektar REIT comprises of 2 retail / shopping complexes namely Subang Parade in Klang Valley and Mahkota Parade in Melaka. Both buildings have a total net lettable area of 944,000 square feet valued at RM523 million. The projected distribution yield is 8.00% to 8.80% per annum over the next 3 years. The prospectus of Hektar REIT can be downloaded here .

Izrin &Tan Properties Sdn Bhd (I &T) is the appointed Property Management Company (PMC) of Hektar REIT. Read more on PMC .

For more info on Hektar Reit, click here .

The construction works on the second Penang Bridge was officially launched by the Prime Minister Malaysia at a ground breaking ceremony in Batu Kawan on 12th November 2006. This event was an historic one and rekindled the remembrance of the first Penang Bridge, as 24 years ago, Penang witnessed the ground breaking of the construction on the first Penang Bridge in 1982 and its completion in 1985. The areas connecting the first Penang Bridge; Batu Uban/Sungai Dua on the island and Perai/ Bukit Tengah in the mainland have since been transformed into an urban and developed areas.

Batu Kawan in the mainland and Batu Maung on the Southern Island will be the development corridor when Second Penang Bridge ready in 2011. The construction of the second Penang Bridge is expected to fast track the developments of Bandar Cassia in Batu Kawan.

More updates on Penang’s second link.