Retail data from Suntec City shopping centre shows growth by every measure in the first quarter of this year.
Suntec City REIT has recorded a modest increase in gross revenue for the first quarter, as rising retail rents made up for declining office income.
“The Singapore retail market remained stable in the first quarter of this year as the growth in
Singapore’s economy lifted business sentiments and helped bolster occupier demand,” the trust said in a statement.
“Suntec City mall continued to show strong operational performance in the first quarter. Footfall and tenant sales per square foot registered 12.7 per cent and 5.2 per cent year-on-year growth respectively.”
Suntec City REIT says its retail portfolio was 98.4 per cent occupied as at March 31.
“For the Singapore retail portfolio, the committed occupancy for the entire Suntec City was 98.6 per cent, while the committed occupancy for Marina Bay Link Mall stood at 98.9 per cent.
In Australia, where the trust owns Melbourne’s for Southgate retail complex, occupancy was 91 per cent.
The trust recorded gross revenue of $90.7 million, an increase of $2.3 million or 2.6 per cent for the quarter. Suntec Singapore revenue rose by $3.4 million to $21.9 million and retail revenue from Suntec City mall rose by $700,000 to $26 million, up 2.7 per cent. It was partially offset by lower office revenue, down 4 per cent to $42.9 million.
Suntec Singapore’s revenue comprised $16.8 million from convention facilities and $5.1 million from retail.