Higher retail revenue from Suntec City mall partially offset lower fourth-quarter revenue from Suntec Singapore convention centre and a fall in office rentals for Suntec Real Estate Investment Trust (Suntec Reit).
For the three months to the end of December, its gross revenue dipped 1.8 per cent from the same period a year earlier to S$87.3 million.
In a Singapore Exchange filing, Suntec Reit says the fall in office revenue was mainly from Suntec City Office as some of the leases committed in the fourth quarter start this year.
Net property income shrank 2.2 per cent to $59.4 million, partly because of higher legal and professional fees. Other property expenses were also higher because of the opening of 177 Pacific Highway, completed in August 2016.
The overall committed occupancy for the office and retail portfolios stood at 99.2 per cent and 98.8 per cent respectively at the end of December.
Suntec Reit fully owns Suntec City mall and one-third of One Raffles Quay.