I&P wants PNB as partner for property trust

PROPERTY developer Island & Peninsular Bhd (I&P) said it will collaborate with state-owned fund manager Permodalan Nasional Bhd (PNB) to launch a real estate investment trust (REIT).

However, no firm plans have been made as it wants to focus on its ongoing developments.

"Any REIT that we introduce will be in collaboration with PNB. We have several profitable assets that are good for a REIT, but we would like to develop them first," group managing director Datuk Jamaludin Osman told Business Times in an interview.

I&P is developing seven residential and commercial projects. It also has several assets under management, namely Plaza Damansara 1 & 2, Chef & Brew, Bangunan Setiawan and Bangunan SPPK in Damansara, the Tesco hypermarket in Kajang, Impian Morib Hotel in Morib and Putri Nursing College in Nilai.

It has a landbank of 5,670ha, which it plans to develop over time to generate higher value.

Jamaludin said I&P plans to dispose of part of its landbank to unlock value under an ongoing strategy.

"We are always working to build the company's profile through various means and by offering quality products. We do place emphasis on human capital development in meeting our objectives," he said.

The company spends some RM1 million to train and educate its staff on human capital development and corporate social responsibility.

"Our contribution to national economic development is straightforward. We turn undeveloped spaces into thriving townships and communities. We go the extra mile by providing everything that is needed for the people living in various communities," he said.

I&P, which is participating in the Minggu Saham Amanah Malaysia (MSAM) 2008 in Ayer Keroh, Malacca, is helping to improve the educational performance of children of low-income groups.

It is one of 17 government-linked companies (GLCs) participating in Pintar, a programme led by the Putrajaya Committee on GLC High Performance.

Under the programme, I&P has adopted two primary schools namely Sekolah Kebangsaan Sg Nibong and Sekolah Kebangsaan Bukit Gelugor in Penang, and has provided books and financial assistance for students from poor families.

In addition, I&P has extended assistance to the underprivileged through the National Cancer Council, the Malaysian Medical Relief Society and the Persatuan Orang Cacat Malaysia as well as to disaster relief efforts.

"We are participating in MSAM in tandem with our parent (PNB) to give knowledge to the public of business activities carried out by the group and exposing our development," Jamaludin said.

Themed "Human Capital Development" this year, MSAM provides a platform for visitors to get information regarding human capital development strategies and contributions implemented by PNB and its subsidiaries.

By New Straits Times (by Sharen Kaur)