First-quarter revenue rises for Suntec REIT

Suntec REIT’s gross revenue rose 5.2 per cent to S$78.3 million (US$58.1 million) for its first quarter ended March 31, while its net property income (NPI) rose 5.1 per cent to $54 million.

These increases were mainly because of the phase-three opening of Suntec City mall renovations, as well as higher revenue from both Suntec City Office and Suntec Singapore Convention & Exhibition Centre, offset by the divestment of Park Mall in December 2015, the company says.

Distributable income rose 7.2 per cent to $60 million.

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