Suntec Reit Q3 DPU up 1.7% at 2.328 Singapore cents

SUNTEC Real Estate Investment Trust's (Suntec Reit) distribution per unit (DPU) for the third quarter ended September 30 inched up from 2.289 Singapore cents a year ago to 2.328 Singapore cents. Total distribution income of S$58.3 million for the July 1 to Sept 30 period was 12.4 per cent higher than the previous year.

On the retail portfolio, the committed occupancy for Suntec City Phase 1 and Phase 2 was 98.9 per cent while Park Mall maintained 100 per cent committed occupancy. The overall committed occupancy for the retail portfolio stood at 98.4 per cent as at Sept 30.

On the office portfolio front, the Reit achieved 100 per cent committed occupancy for Suntec City Office Towers, Park Mall Office, One Raffles Quay and MBFC Properties.

"During the quarter, we have renewed approximately 280,000 sq ft of leases expiring, leaving us with a balance of 2.1 per cent and 17.9 per cent of the office leases due to expire in 2014 and 2015 respectively. We are confident that our office portfolio in 2014 would outperform the preceding year," said Yeo See Kiat, chief executive officer of ARA Trust Management (Suntec) Limited, the manager of Suntec Reit.