Suntec Reit's Q4 DPU up 10.1%

SUNTEC Real Estate Investment Trust (Suntec Reit) posted a distribution per unit (DPU) of 2.562 cents for the fourth quarter ended December, a jump of 10.1 per cent from a year ago.

This was on the back of the total amount available for distribution rising 11 per cent, from $52.4 million to $58.2 million, inclusive of capital distribution of $4 million from part of the sale proceeds of the Chijmes.

For the quarter under review, net property income rose 62.9 per cent to $49.8 million, from $30.6 million previously while gross revenue rose 30.2 per cent from $55.0 million to $71.6 million. This was mainly due to the opening of Suntec City Mall (Phase 1) and Suntec Singapore following the completion of its asset enhancement initiative (AEI) works.