SPH Reit books a small fall
Real estate investment trust SPH Reit has taken a fall in net property income of 1.2 per cent despite higher takings from The Clementi Mall and its new acquisition The Rail Mall.
The firm’s lower net income of SG$166 million (US$120.46 million) for the full year is the result of lower gross revenues at Paragon mall – even considering an increase in tourists, better consumer appraisals of the mall, a 2.7 per cent increase in visitor traffic, and growing tenant sales.
Higher tenant sales were also recorded at The Clementi Mall, up 2.2 per cent to $230 million. Occupancy for the group’s overall portfolio was 99.4 per cent, which had a recorded total valuation of $3.368 billion compared with $3.278 billion during the same period last year.
Plans are underway to strengthen the positioning of The Rail Mall, which the firm acquired in June, and to initiate community programs leveraging the rail corridor to attract a wider catchment.