Singapore

AMID headwinds in the hospitality and retail markets, OUE Hospitality Trust (OUE H-Trust) reported a 7.3 per cent year-on-year drop in distribution per stapled security (DPS) for the second quarter ended June 30 to 1.52 cents.

Net property income from its hospitality segment grew 5.1 per cent from a year ago to S$19.1 million, as contribution from the newly acquired Crowne Plaza Changi Airport (CPCA) offset lower revenue from Mandarin Orchard Singapore, while net property income from retail mall Mandarin Gallery contracted 5.4 per cent to S$6.68 million amid lower occupancy and fit-out periods as part of lease renewals.