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Suntec Reit posts 10.3% rise in Q2 DPU

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Gross revenue grew 19.6 per cent year on year to S$81.4 million and net property income rose 23.5 per cent to S$56.9 million mainly due to the opening of Phase 2 of Suntec City mall and stronger performance from Suntec Singapore.

Suntec Reit reported a 10.3 per cent year-on-year rise in distribution per unit (DPU) to 2.5 Singapore cents for the second quarter ended June 30.

Gross revenue grew 19.6 per cent year on year to S$81.4 million and net property income rose 23.5 per cent to S$56.9 million mainly due to the opening of Phase 2 of Suntec City mall and stronger performance from Suntec Singapore.

The committed occupancy of retail space at Suntec City was 94.7 per cent while the committed occupancy for Park Mall was 97.8 per cent as of June 30, bringing the overall committed occupancy for the retail portfolio to 95.1 per cent.

Suntec City Office Towers achieved 98.4 per cent committed occupancy while Park Mall Office's committed occupancy was 96.6 per cent as at June 30. At One Raffles Quay and Marina Bay Financial Centre (MBFC) where Suntec Reit holds a one-third interest, the office space continued to enjoy 100 per cent committed occupancy.

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Suntec Reit's overall committed occupancy for the office portfolio stood at 99 per cent as at June 30.

Its Reit manager's chief executive officer Yeo See Kiat said that the management remains positive on the performance of the office portfolio this year, notwithstanding the impending supply in 2016 and 2017. "Our current priority is to focus on the leasing of the remaining retail spaces in Suntec City."

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