DailySpaceParadigm Real Estate Investment Trust
5338 · Main Market主板 · annual reports 2025 to 2025, 361 entries read2025 至 2025 年报，共读出 361 条
The company这家公司
Paradigm Real Estate Investment Trust (Paradigm REIT) is a Malaysia-domiciled real estate investment trust established on 13 March 2025 and listed on the Main Market of Bursa Malaysia on 10 June 2025. It is managed by Paradigm REIT Management Sdn. Bhd., with RHB Trustees Berhad acting as trustee.Paradigm Real Estate Investment Trust（Paradigm REIT）是一家在马来西亚注册的房地产投资信托，于 2025 年 3 月 13 日成立，并于 2025 年 6 月 10 日在马来西亚交易所主板上市。信托由 Paradigm REIT Management Sdn. Bhd. 管理，并由 RHB Trustees Berhad 担任受托人。
Source: annual report 2025, pages 3, 11, 16, 63, 88.出处：2025 年年报第 3、11、16、63、88 页。
The portfolio comprises three retail shopping malls in Malaysia: Paradigm Mall Johor Bahru with an appraised value of RM1,182 million, Bukit Tinggi Shopping Centre valued at RM680 million, and Paradigm Mall Petaling Jaya with an appraised value of RM605 million. At 31 December 2025, the three properties had a combined book value of RM2.47 billion and occupancy rates of 99.89%, 100.00% and 98.47% respectively.投资组合包含位于马来西亚的三座零售购物中心：评估价值 RM1,182 million 的 Paradigm Mall Johor Bahru、估值 RM680 million 的 Bukit Tinggi Shopping Centre，以及评估价值 RM605 million 的 Paradigm Mall Petaling Jaya。截至 2025 年 12 月 31 日，三项物业的账面值合计为 RM2.47 billion，出租率分别为 99.89%、100.00% 和 98.47%。
Source: annual report 2025, pages 10, 17, 18.出处：2025 年年报第 10、17、18 页。
For the financial period ended 31 December 2025, Paradigm Mall Johor Bahru recorded total revenue of RM69.44 million and net property income of RM47.44 million, Paradigm Mall Petaling Jaya recorded RM35.46 million and RM22.05 million, and Bukit Tinggi Shopping Centre recorded RM27.39 million and RM22.47 million, bringing total revenue to RM132.29 million and net property income to RM91.97 million. All investment properties are located in Malaysia and operate under a single reportable segment.截至 2025 年 12 月 31 日止财政期间，Paradigm Mall Johor Bahru 录得总营业额 RM69.44 million 与物业净收入 RM47.44 million，Paradigm Mall Petaling Jaya 录得 RM35.46 million 与 RM22.05 million，Bukit Tinggi Shopping Centre 录得 RM27.39 million 与 RM22.47 million，总营业额达 RM132.29 million，物业净收入达 RM91.97 million。所有投资物业均位于马来西亚，并在单一可汇报部门下运作。
Source: annual report 2025, pages 10, 11, 109.出处：2025 年年报第 10、11、109 页。
WCT Holdings Berhad holds 810,000,000 units directly (50.57%) and a deemed interest in 231,807,154 units (14.47%). Dominion Nexus Sdn. Bhd., Tan Sri Lim Siew Choon and Legacy Pacific Limited each have a deemed interest of 1,041,807,154 units (65.04%). RHB Nominees (Tempatan) Sdn. Bhd. Malaysian Trustees Berhad Pledged Securities Account for Jelas Puri Sdn. Bhd. holds 230,000,000 units (14.36%), and Employees Provident Fund Board holds 125,513,900 units (7.84%).WCT Holdings Berhad 直接持有 810,000,000 个单位（50.57%），并被视作持有 231,807,154 个单位（14.47%）。Dominion Nexus Sdn. Bhd.、Tan Sri Lim Siew Choon 与 Legacy Pacific Limited 各自被视作持有 1,041,807,154 个单位（65.04%）。RHB Nominees (Tempatan) Sdn. Bhd. Malaysian Trustees Berhad Pledged Securities Account for Jelas Puri Sdn. Bhd. 持有 230,000,000 个单位（14.36%），Employees Provident Fund Board 持有 125,513,900 个单位（7.84%）。
Source: annual report 2025, pages 122, 123.出处：2025 年年报第 122、123 页。
The Manager's Chief Executive Officer, Ms. Chua, was appointed on 6 March 2025. None of the directors has any family relationship with any director or major shareholder of the Manager, or with any major unitholder of Paradigm REIT.管理公司的首席执行官 Ms. Chua 于 2025 年 3 月 6 日获委任。董事之间以及与管理公司的董事或主要股东、或 Paradigm REIT 的主要单位持有人之间，均无任何家族亲属关系。
Source: annual report 2025, pages 55, 56.出处：2025 年年报第 55、56 页。
Revenue by property, 20252025 年各物业营业额占比
Source: annual report 2025, page 14.出处：2025 年年报第 14 页。
Net property income by property, 20252025 年各物业净收入占比
Source: annual report 2025, page 14.出处：2025 年年报第 14 页。
Major events大事记
Source: annual report 2025, page 33.出处：2025 年年报第 33 页。
Source: annual report 2025, pages 16, 63, 88.出处：2025 年年报第 16、63、88 页。
Source: annual report 2025, pages 3, 10, 11, 95.出处：2025 年年报第 3、10、11、95 页。
Source: annual report 2025, page 19.出处：2025 年年报第 19 页。
Source: annual report 2025, pages 109, 115.出处：2025 年年报第 109、115 页。
Revenue, net property income and operating cash营业额、物业净收入与营运现金
20252025 年
Operating activities generated net cash of RM135.9 million. Cash used in investing activities was RM2,458.5 million, including RM2,437.0 million for the acquisition of investment properties and RM5.2 million for property enhancement. Financing activities provided RM2,418.2 million, primarily from RM1,600.0 million proceeds from the issuance of new units and RM845.0 million from borrowings, while interest paid took RM17.1 million and listing and financing expenses took RM9.7 million. Pledged deposits absorbed RM17.3 million, and no distribution was paid during the financial period.营运活动产生现金净额 RM135.9 million。投资活动所用现金为 RM2,458.5 million，包括用于收购投资物业的 RM2,437.0 million 和物业提升开支 RM5.2 million。融资活动提供 RM2,418.2 million，主要来自发行新单位所得款项 RM1,600.0 million 及借款所得 RM845.0 million，同时支付利息 RM17.1 million，并支付上市与融资费用 RM9.7 million。抵押存款占用 RM17.3 million，财政期间未向单位持有人派发收益分配。
Source: annual report 2025, pages 95, 109.出处：2025 年年报第 95、109 页。
At year end期末状况
At 31 December 2025, total assets were RM2.60 billion, of which investment properties accounted for RM2.47 billion, incorporating a net fair value gain of approximately RM24.85 million. Borrowings totaled RM842.8 million, giving a gearing ratio of 32.41%, within the regulatory limit of 50%. Net asset value stood at RM1.68 billion, or RM1.05 per unit. A final income distribution of 4.10 sen per unit, totaling RM65.67 million, was proposed for payment on 27 February 2026.截至 2025 年 12 月 31 日，总资产为 RM2.60 billion，其中投资物业占 RM2.47 billion，包含约 RM24.85 million 的公允价值净收益。借款合计 RM842.8 million，资本负债率为 32.41%，处于 50% 的监管上限之内。资产净值为 RM1.68 billion，或每单位 RM1.05。信托建议派发每单位 4.10 仙的终期收益分配，总计 RM65.67 million，于 2026 年 2 月 27 日支付。
Source: annual report 2025, pages 12, 17, 18, 19, 104, 109, 115.出处：2025 年年报第 12、17、18、19、104、109、115 页。
Still to be spent尚未支出的承诺
Capital expenditure commitments for investment properties approved but not provided for amounted to RM13.74 million within one year, with approximately RM13.74 million allocated for scheduled upgrades in 2026. The trust also has an established medium-term notes programme of up to RM5.0 billion in nominal value, under which RM845.0 million in nominal value has been issued.投资物业已批准但未拨备的资本开支承诺为一年内 RM13.74 million，其中约 RM13.74 million 用于 2026 年的计划升级工程。信托还设立了面值上限达 RM5.0 billion 的中期票据计划，其中已发行面值 RM845.0 million。
Source: annual report 2025, pages 19, 104, 114.出处：2025 年年报第 19、104、114 页。
Four years of figures四年数字
Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。
| Group集团 | 2024 | 2025 |
|---|---|---|
| RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | – | 132,293 |
| Net property income物业净收入 | – | 91,967 |
| Income before taxation税前收入 | – | 89,456 |
| Finance costs融资成本 | – | (19,399) |
| Net cash from operating activities营运活动所得现金净额 | – | 135,898 |
| Acquisition of investment properties收购投资物业 | – | (2,437,000) |
| Enhancement of investment properties提升投资物业开支 | – | (5,155) |
| Net cash from financing activities融资活动所得现金净额 | – | 2,418,173 |
| Proceeds from issuance of new units发行新单位所得款项 | – | 1,600,000 |
| Proceeds from financings融资所得款项 | – | 845,000 |
| Borrowings借款 | – | 842,819 |
| Pledged deposits with licensed banks持牌银行抵押存款 | – | 17,286 |
On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。
Said and done说过的与做到的
Only one annual report has been read so far, so there is no later report to check its plans against.目前只读了一份年报，还没有之后的年报可以对照它的计划。
What the reports leave open年报留下待看的事
- Execution of the RM13.74 million capital expenditure commitments approved for investment property upgrades within one year, including lift and elevator system upgrades.获批用于一年内投资物业升级的 RM13.74 million 资本开支承诺的执行情况，包括升降机和电梯系统升级。
Source: annual report 2025, pages 19, 114.出处：2025 年年报第 19、114 页。
- Future retail expansion and development on the 5.4 acres open car park land at Bukit Tinggi Shopping Centre.Bukit Tinggi Shopping Centre 占地 5.4 英亩的露天停车场土地的未来零售扩建与开发进展。
Source: annual report 2025, page 18.出处：2025 年年报第 18 页。
- Impact on footfall and car park patrons at Bukit Tinggi Shopping Centre following the commencement of service at the connected Bandar Bukit Tinggi LRT Station.与 Bukit Tinggi Shopping Centre 直接相连的 Bandar Bukit Tinggi 轻快铁站投入服务后对人流量和停车场使用者的影响。
Source: annual report 2025, page 18.出处：2025 年年报第 18 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-02.内容为公司年报所印的事实，并注明页码；不评级，不构成投资建议。生成日期 2026-11-02。