Suntec REIT income slides 2.1 per cent

Third-quarter net property income slid 2.1 per cent to S$57.23 million (US$41 million) for mall owner Suntec Real Estate Investment Trust (Suntec REIT).

This follows a 4.3 per cent drop in gross revenue to S$82.37 million from the preceding year, while distributable income eased up 1.1 per cent to S$64.34 million.

The REIT says the decline in revenue was because of its sale of Park Mall and lower revenue from Suntec Singapore, which was mitigated by revenue contribution from 177 Pacific Highway in Sydney after “practical completion”, as well as an increase in revenue from the opening of Suntec City mall’s phase-three renovation.

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