Signing Ceremony Of The Sale & Leaseback Of Dana 13 Office Tower Between Amanah Raya Berhad, Puncakdana Sdn Bhd And Symphony House Berhad
Kuala Lumpur, 3 September 2007 - Amanah Raya Berhad today signed a Sale & Purchase Agreement with Puncakdana Sdn Bhd, the developer of Dana 13 Office Tower. AmanahRaya also signed a Lease Agreement with Symphony House Berhad which will lease the 13 storey Office Tower for a period of 10 years from AmanahRaya.
The Dana 13 Office Tower, purchased at a cost of RM 96,556,880 is scheduled to be completed by December 2009 and will house the new Head Quarter for Symphony House Berhad.
The Office Tower which is strategically located within Dana 1 Commercial Centre is surrounded by established residential areas such as Ara Damansara, Putra Damai, Suria Damansara and Puncak Nusa Kelana. This commercial centre augurs well for Symphony House as the area is equipped with facilities which include 422 shop-front car parks and 1,641 basement bays. Furthermore, the area is easily accessible from Kuala Lumpur via the New klang Valley Expressway, existing at Subang interchange and is minutes away to other major highways/expressways such as LDP, KESAS and Federal Highway.
With the 10 year lease from Symphony House, AmanahRaya is expected to enjoy a net yield from the investment of between 7.3% to 8.6% per annum. The return is on a ‘triple net’ basis whereby the lessee is responsible for all service and maintenance charges (i.e. insurance, assessment fees) as well as without limitation building repairs and any other capital expenditure. In addition, AmanahRaya’s interest is further protected with the security deposit of RM7.56 million should the lessee not honour its lease agreement.
“In future, AmanahRaya plan to inject the property into AmanahRaya REIT (ARREIT) which is managed by AmanahRaya-JMF,” said Datin Aminah Pit Abd Raman, Director of AmanahRaya in her welcoming address. “ It will join other properties in ARREIT which is also in the Petaling Jaya and Subang vicinity such as Wisma UEP and SEGI College”, she added.
Signing on behalf of AmanahRaya was Dato’ Ahmad Rodzi Pawanteh, Group Managing Director and En. Zainul Abidin Haji Ahmad, Company Secretary. Representing Symphony House Berhad was Dato’ Mohamed Azman Yahya, Group Chief Executive and En. Abdul Hamid Sheikh Mohamed, Executive Director while Puncakdana Sdn Bhd were represented by Mr. Mah Siew Sian, Managing Director and En. Nordin Ab. Ghani, Director. The signing ceremony was witnessed by Datin Aminah Pit Abd Raman, Director of AmanahRaya. |
