Malaysian tycoon Quek Leng Chan’s Singapore-listed unit GuocoLand Ltd (GUOC.SI) may float two real estate investment trusts (REITs) with total assets of up to US$8 billion ($10.4 billion) over the next 3-5 years, The Business Times reported today.

The assets would include one office and the other retail REIT-holding assets in Singapore, China, Malaysia and possibly Vietnam, the newspaper said.

The group’s portfolio shows it has a pipeline supply of investment properties -- at various stages of development -- totalling about 4 million square feet gross floor area (GFA) for offices and about 4.6 million sq ft retail space as well as some 5,000 car-park lots, the daily reported.

Most of this portfolio is not completed. Even after the properties are ready, it will take some time for yields to stabilise so that the assets are suitable for injection into REITs.

GuocoLand recently hired Leslie Yee, formerly head of research and funds management of The Link Management, the manager of The Link REIT in Hong Kong.

His appointment at GuocoLand as general manager of special projects has sparked speculation in the industry that the group is laying the groundwork for potential REIT flotations holding its regional office and retail portfolios respectively.

GuocoLand’s share price, which has risen 20% this year, closed on Tuesday up one cent at $2.55.