Paragon Reit’s gross revenue rises 1.2% to S$216 million

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Janice Lim

Published Tue, Oct 31, 2023 · 10:19 PM

The Reit's properties – which includes Paragon (pictured) – are expected to benefit from strong domestic consumption and tourist arrivals. PHOTO: BT FILE

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PARAGON Reit’s gross revenue grew 1.2 per cent to S$215.6 million over the first three quarters of its financial year ended on Sep 30, from S$213.1 million over the same corresponding period last year.

In local currency terms, gross revenue for its Singapore increased 2.4 per cent, while its Australia assets’ revenue rose 5.4 per cent over the same period, said the real estate investment trust (Reit) on Tuesday (Oct 31) in a business update filed on the Singapore Exchange.

The Reit said that it has a occupancy rate of 98.1 per cent across its portfolio, with a weighted average lease expiry of 5.2 years by net lettable area.

It added that its assets are strategically located, and will continue to benefit from strong domestic consumption and tourist arrivals.

Tenant sales at its Singapore properties – which include Paragon, The Clementi Mall and The Rail Mall – rose 1 per cent on year over the three quarters.

Tenant sales at its Australian properties grew 9 per cent year on year over the same period.

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For Paragon Reit's Singapore properties – which includes Paragon – tenant sales rose 12 per cent on year in the first quarter, while footfall was up 37 per cent on year.

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Units of Paragon Reit closed flat at S$0.795 on Tuesday.

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