‘Robust’ quarter for Suntec REIT

Suntec Real Estate Investment Trust (Suntec REIT) reports a “robust” third-quarter performance, thanks to offshore properties.

Gross revenue rose 10.6 per cent to S$91.1 million (US$66.7 million) for its third quarter, mainly because of a higher contribution from Suntec Singapore plus a new property in Sydney, says trust manager ARA Trust Management (Suntec).

Net property income rose 11.6 per cent to $63.9 million for the quarter, while for the year to date, gross revenue was up 11.4 per cent to $266.9 million and net property income grew by 13 per cent to $185.1 million.

“While the Singapore assets continued to deliver steady income, the two properties in Australia contributed to our robust performance this quarter,” says ARA Trust Management CEO Chan Kong Leong.

For the Singapore retail portfolio, the overall committed occupancy as at the end of September was 99.1 per cent. The committed occupancy for Suntec City Mall was steady at 99.3 per cent while that for Marina Bay Link Mall stood at 93 per cent.

Chan says Suntec City Mall saw a 12.2 per cent increase in year-to-date footfall while tenant sales per square foot grew by 4.9 per cent.

“We also secured a number of new-to-market brands that will further enhance the city’s retail offerings.”