by Cheryl TayK-Reit Asia Management Limited, the manager of K-REIT Asia, has announced that BFC Development Pte Ltd has been converted to BFC Development Liability Partnership (BFCD LLP).BFC Development Pte. Ltd holds Marina Bay Financial Centre (MBFC, pictured) Phase I, comprising MBFC Towers 1 & 2, as well as Marina Bay Link Mall Phase I. K-Reit Asia owns a one-third stake in the new BFCD LLP.Under the conversion, K-REIT Asia unitholders can avail of tax transparency on K-Reit Asia's share of income from MBFC Phase I. Hence, the income generated by MBFC Phase 1 shall be exempt from corporate income tax."We are pleased with the conversion as this is expected to increase K-Reit Asia's distributable income. Unitholders can benefit from higher income distribution as we continue to grow MBFC Phase I's rental revenue potential. This is in line with our aim to continually deliver stable and sustainable returns to our Unitholders," commented Ng Hsueh Ling, Chief Executive Officer of K-Reit Asia Management.MBFC Phase 1 is jointly owned by K-Reit Asia, Hongkong Land and Suntec Reit.The 33-storey MBFC tower 1 and 50-storey MBFC tower 2 are premium Grade A office buildings that enjoy close proximity to lifestyle amenities such as the Marina Bay Sands integrated resort and Esplanade — Theatres by the Bay.Meanwhile, Marina Bay Link Mall (Phase I) is close to Raffles Place MRT station, One Raffles Quay and future developments on the fringes of the Marina Bay waterfront. By 2013, the mall will also be linked to the Downtown MRT Line, providing more convenient access to the Marina Bay area. Related Stories:CapitaLand mulls possible move to Westgate TowerGrowth risks loom larger than inflation concernsPositive outlook for Bangkok office market
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