Singapore

SUNTEC Reit has reported distribution per unit (DPU) of 2.501 Singapore cents for the second quarter ended June 30, almost unchanged from 2.5 cents a year ago. Its distributable income was buoyed by proceeds from the disposal of Park Mall.

Gross revenue slipped 3.1 per cent to S$78.94 million while net property income fell 7.5 per cent to S$52.67 million. The declines were due to the divestment of Park Mall, which was mitigated by the increase in revenue from the opening of Suntec City mall (Phase 3) following the completion of the asset enhancement works.