KUALA LUMPUR (June 29): YTL Hospitality Real Estate Investment Trust (YTL Reit) saw its net asset value (NAV) per unit rising 8.6% from RM1.3512 to RM1.4671, following a revaluation of its assets.

The revaluation resulted in a total surplus of RM153.5 million, it said in a filing with Bursa Malaysia today.

The properties were revalued based on the policy of revaluing the properties for at least once during each financial year, it said.

In Kuala Lumpur, the JW Marriott Hotel saw a surplus of RM21 million, based on its market value of RM410 million.

The Residences at The Ritz-Carlton also had a surplus of RM13.06 million, with a market value of RM254 million; while The Ritz-Carlton saw an increase of RM6.68 million from the revaluation exercise, based on its market value of RM320 million, said YTL Reit.

The Vistana Kuala Lumpur Titiwangsa has a surplus of RM5 million, with a market value of RM125 million, it added.

Outside Kuala Lumpur, Vistana Penang Bukit Jambul and Vistana Kuantan City Centre saw a surplus of RM3 million and RM1 million respectively, after the properties were revalued.

As for the resorts, the Pangkor Laut resort, Tanjung Jara resort and Cameron Highlands resort each have a surplus of RM1 million, after the revaluation.

YTL Reit said for its properties outside of Malaysia, a deficit of RM35.16 million was seen after the revaluation of Hilton Niseko Village in Japan.

As for its properties in Australia, Sydney Harbour Marriott and Melbourne Marriott saw a surplus of RM139.1 million and RM17.8 million, while Brisbane Marriott saw a deficit of RM20.96 million from the revaluation exercise.

YTL Reit fell 0.93% to RM1.07 today, with 1.46 million units exchanging hands, giving it a market capitalisation of RM1.42 billion.