Property developer Nusa Gapurna Sdn Bhd has unveiled plans to group its assets to form a commercial real estate investment trust (REIT) by 2015, according to a report by Business Times.

Worth more than RM2.5 billion, the assets will include six high-rise buildings being planned at PJ Sentral Garden City to be developed by PJ Sentral Development Sdn Bhd – a 30:70 joint venture between and the Selangor Economic Development Corp.

According to a credible source, Nusa Gapurna plans two business strategies for the assets.

"The first strategy is to form its own REIT, which is the primary option. It is more ideal because the company has ready tenants to give it good yield income. Financial advisers have been engaged for the matter."

The other strategy is to sell the towers block by block to REIT managers or institutional investors with ready tenants.

Meanwhile, the PJ Sentral project will comprise five custom-built office towers with 20 to 45 floors that have estimated gross development value of RM2.6 billion. It will also include a 7,000 car park complex, a five-star hotel, 1.6ha public park as well as a supportive retail element for food and beverage.

The project will likely take seven to eight years to build.

The source added that Nusa Gapurna deals with corporate players and local public listed companies to lease the buildings for 10 and 15 years.

"The company is finalising the design of the buildings with the anchor tenants. Construction will commence next year after getting all the necessary building approvals. Once these are settled, Nusa Gapurna will finalise the formation of the REIT," added the source.

Moreover, PJ Sentral Garden City (pictured) will be built according to Green Building Index and Multimedia Super Corridor Malaysia specifications.

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