Suntec REIT grows income

Singapore real estate investment trust Suntec REIT grew a distributable income of S$252 million (US$176 million) over the past financial year, up 9.4 per cent year-on-year.

Overall, the group grew distributable income in the quarter by 7.7 per cent to S$69.5 million, reports Channel NewsAsia.

Suntec Reit’s properties include Suntec City, parts of One Raffles Quay and Marina Bay Financial Centre Towers 1 and 2.

In a filing to the Singapore Exchange, Suntec REIT said revenue for the year grew 16.7 per cent to S$329.5 million on the back of the opening of the second and third phases of Suntec City mall and a higher contribution from Suntec Singapore.

“Notwithstanding the impending headwinds, with the completion of its asset enhancement works, the retail contribution from Suntec City is also expected to be positive,” said manager Yeo See Kiat, who is also CEO of ARA Trust Management (Suntec).

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