Suntec REIT’s income jumps by 5.1% to $54m

Reaping time has come for its new properties.

The completion of Suntec City Office and Suntec Singapore Convention & Exhibition Centre proved to be the boost for Suntec REIT as its revenue jumped by 5.2% to $78.3m.

According to a press release by Suntec REIT, including a capital distribution of $4m from the sale proceeds of Park Mall, distributable income jumped by 7.2% to $60m.

“The committed occupancy for Suntec City mall improved to 98.7% whilst the committed occupancy for Suntec City Office Towers was 97.5% as at 31 March 2016,” the press release said.

“The committed occupancy for One Raffles Quay and MBFC Properties were 99.8% and 99.2% respectively as at 31 March 2016. Park Mall’s Retail and Office committed occupancy were 96.7% and 91.7% respectively as at 31 March 2016,” the press release added.

Meanwhile, according to a report by OCBC, growth was partially offset by the divestment of Park Mall in Dec 2015.

“Excluding this impact, Suntec REIT’s distribution from operations would have declined marginally by 0.8%. Managing its lease expiry profile, but risks remain,” OCBC said.