Suntec Reit eyes another S$100 million in strata divestments in 2024 as it targets sub-40% gearing

SUNTEC Real Estate Investment Trust (Reit) is eyeing further divestments of Suntec strata office units in FY2024, building on earlier divestments last year, as the manager aims to reduce gearing.

Chong Kee Hiong, chief executive of the manager, said at an earnings briefing on Wednesday (Jan 24) that the manager is guiding for around S$100 million in Suntec strata sales in the current financial year.

“If I can sell more, then I would, but I am not going to reduce the price to move the number of units divested,” he said, noting that S$100 million is not a firm target, but just a guidance which the manager believes is reasonable.