Suntec REIT’s gross revenue rises

Suntec REIT’s gross revenue rose 3.7 per cent in the first quarter (year on year) to S$90.5 million, and its net property income rose 2.2 per cent to $60.7 million.

Both increases were attributed to higher returns from Suntec Singapore and Suntec City Mall which offset a weakened performance from the Suntec City office asset.

Suntec REIT reported that overall committed occupancy rose to 98.6 per cent for the Singapore retail portfolio, during the quarter.

First half-year figures show gross revenue up 3.1 per cent to $181.2 million, and net property income up 2 per cent to $123.7 million.

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