EXPERIENCED PROMOTERS & MANAGEMENT TEAM
Dato' Chew Lak Seong and Dato’ Eric Ong kook Liong, being the Promoters of KIP REIT have over between 35 years and 27 years of experience respectively in the property development and investment, hospitality, retail design and development, project management, corporate management, leasing and retail development conceptualisation. The Promoters have initiated the conceptualisation of the KiP Mart business model as a community-centric retail centre and have been actively involved in the growth and development of the business for the past decade. Dato' Chew Lak Seong and Dato’ Eric Ong kook Liong are the Managing Director and Executive Director of the Manager, respectively.
The Manager and the management team consist of experienced retail real estate professionals, many of whom have been with the KIP group of companies for several years managing, amongst others, the respective Subject Properties. Therefore, they maintain familiarity and in-depth knowledge of managing the Subject Properties in the respective locations, making them uniquely positioned to stimulate the future growth of KIP REIT.
GROWING PIPELINE SERVES AS PLATFORM FOR FUTURE GROWTH
Future growth opportunities can be achieved through the optimisation of the management of the existing property portfolio of KIP REIT as well as through the potential acquisition of additional properties. The Promoters and the Manager intend to expand KIP REIT in the future, through the acquisition of other properties.
The Trustee currently holds ROFRs for the acquisition of KiP Mart Kota Warisan, KiP Mart Sendayan, KiP Mart Sungai Buloh, KiP Mart Kuantan and KiP Mart Sungai Petani. KIPMall Kota Warisan is completed and commenced operation in Oct 2017 and will only exercise the ROFR upon meeting KIP REIT’s investment policy, whilst the other properties are in their planning stages and expected to be completed by 2019. The Promoters have also provided the Trustee with a ROFR for the acquisition of retail properties including purpose-built community-centric retail centres of similar concept to KiP Mart and those within mixed developments. In addition, the Trustee also holds a Call Option for the acquisition of KiP Mart Segamat.
The acquisition of the aforementioned properties are subject to, due diligence and assessment of commercial viability. The aforementioned properties are expected to be similarly positioned as the Subject Properties in terms of, amongst others, a community-centric retail centre, and shopper and tenancy profile.
The Manager may also explore the acquisition of properties developed by third parties should they meet the investment criteria and investment objective of KIP REIT.