KUALA LUMPUR (April 27): The ongoing asset enhancement work for The Starhill retail and hospitality property along Jalan Bukit Bintang here is expected to be completed by December 2021, according to the asset owner’s manager YTL Starhill Global REIT Management Ltd.

Singapore-listed Starhill Global REIT owns The Starhill.

"The Starhill is undergoing asset enhancement to transform into an integrated development comprising four retail floors and upper three floors of hospitality use as an extension of the adjoining JW Marriott Hotel Kuala Lumpur,” YTL Starhill Global REIT Management Ltd said in a filing with the Singapore bourse yesterday.

According to Starhill Global REIT’s website, YTL Starhill Global REIT Management Ltd is a wholly-owned subsidiary of YTL Starhill Global REIT Management Holdings Pte Ltd, which is, in turn, an indirect subsidiary of YTL Corp Bhd.

In the bourse filing, YTL Starhill Global REIT Management Ltd said The Starhill’s anchor tenant is Taiwan’s lifestyle bookstore chain, elite spectrum.

New flagship boutiques and lifestyle brands at The Starhill include Philipp Plein, Tom Ford and Stefano Ricci, according to YTL Starhill Global REIT Management Ltd.

Starhill Global REIT’s website indicates that the property trust, since its listing on the Singapore bourse on Sept 20, 2005, has grown its initial portfolio from interests in two landmark properties along Orchard Road in Singapore to 10 properties in Singapore, Australia, Malaysia, China and Japan.

The properties are collectively valued at about S$2.94 billion (about RM9.08 billion) as at June 30, 2020, Starhill Global REIT said.

"These comprise interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore; Myer Centre Adelaide, David Jones Building and Plaza Arcade in Adelaide and Perth, Australia; The Starhill (formerly known as Starhill Gallery) and Lot 10 Property in Kuala Lumpur, Malaysia; a retail property in Chengdu, China, and two properties in Tokyo, Japan,” Starhill Global REIT said.

At Bursa Malaysia’s 12:30 pm break today, YTL Corp’s share price settled down 0.5 sen or 0.69% at 71.5 sen for a market value of about RM7.84 billion.

The stock was traded between 72.5 sen and 71 sen so far today.