IFR 6.8.4

(a) A Fund Manager of an Islamic REIT must ensure, subject to IFR 6.8.4(b), that any investment made in respect of property under development whether on its own or in a joint venture is undertaken only where the Islamic REIT intends to hold the developed property upon completion.
(b) The total purchase price and development cost of the property under development in IFR 6.8.4(a) must not exceed 30% of the net asset value of the Fund Property of the Islamic REIT.
(c) For the purposes of this Rule, the Regulator would not consider property development activities to include refurbishment, retrofitting and renovation.