KUALA LUMPUR (Jan 19): Sunway REIT Management Sdn Bhd's (SRM) chief executive officer Datuk Jeffrey Ng has been elected as Malaysian REIT Managers Association's (MRMA) chairman at its annual general meeting on Jan 14.

SRM is the management company for Sunway Real Estate Investment Trust or Sunway REIT.

Ng, a former national Real Estate and Housing Developers Association (Rehda) chief, took over from outgoing MRMA chairman and founder Datuk Stewart LaBrooy, who served for five years since its inception in 2010.

“As a collective voice of the association, we strive to continue to leverage on MRMA’s platform to proactively engage with the various government ministries, Bursa Malaysia and Securities Commission Malaysia in regulatory matters, as well as other areas affecting the Malaysian REITs (M-REITs) sector, to further enhance the competitiveness of M-REITs in the region,” Ng said in a statement.

He also thanked Labrooy, who was instrumental in the development and growth of the M-REITs industry, through his dedication since the beginning of the association.

Meanwhile, Labrooy said the association has enabled the M-REITs sector to lobby with unanimous voice in regulatory matters affecting the industry.

“In addition, MRMA members have made a concerted effort to introduce and promote REITs as a desirable investment asset class to the Malaysian investor who had little or no knowledge of REITs,” he added.

Rendering confidence on Ng’s appointment, as the latter also brought with him valuable experience as the former Rehda chief, Labrooy said MRMA was well-positioned to engage with regulators and investors, and promote the sector here and regionally.

“Given MRMA’s excellent track record and strong reputation, this was the right time to hand over the reins to a new leadership, which will continue to champion the sector,” he added.

According to MRMA, there are 17 REITs in Malaysia, with a total market capitalisation of RM37 billion as at Dec 31, 2015, that are currently listed under the Securities Commission Guidelines under the Real Estate Investment Trusts introduced in January 2005.

They are Amanah Harta Tanah PNB, AmFirst REIT, AmanahRaya REIT, Atrium REIT, Axis REIT, Al-Aqar Healthcare REIT, Hektar REIT, UOA REIT, MRCB-Quill REIT, Tower REIT, YTL Hospitality REIT, Sunway REIT, CMMT (Capitaland Malaysia Mall Trust), Pavilion REIT, IGB REIT, KLCC Stapled Group and the recently-listed Al-Salam REIT.