Sabana Shariah Compliant Industrial REIT’s new NTP+ Mall which was highlighted in this week’s publication was a pleasant surprise. No wonder its units strengthened after the manager announced, on March 10, that NTP+, which the manager described as a two-storey lifestyle mall spanning approximately 43,000 sq ft of gross floor area, comprising 25 retail and F&B units on the ground floor, and a foodcourt on the second level, received its temporary occupation permit. Donald Han, CEO of Sabana REIT told our journalists that committed occupancy is 97%. Han has also articulated that return on cost is likely to be double-digit.
Clearly, the announcement that NTP+ had received its TOP had an impact on the trading price. On March 9-10, Sabana REIT’s unit price was at 37.5 cents, a level it had been at for some months. But on March 11, prices closed at 38.5 cents as investors digested the NTP+ news. As a comparison, Sabana REIT ended 2020 at 35.5 cents. With its close on April 16 of 42 cents, Sabana REIT is up 18%.
