Revamped and renovated mall and offices help boost Suntec Reit's net income, distributions

SINGAPORE - The renovations at Suntec City mall and its convention centres helped boost Suntec Reit, with income and revenue surging in double digits.

Suntec Reit's gross revenue for for the three months ended Sept 30 was $86.1 million, 20 per cent higher than the same period last year.

Net property income rose to $58.5 million, a jump of 19.9 per cent over the same period last year, mainly to the opening of Suntec City mall (Phase 3) and improved contribution from Suntec Singapore.

Distributable income rose 3.1 per cent over the year to $59 million.

As a result, distributions to its unitholders rose to 2.522 cents from 2.328 cents a unit last year.

Based on the closing price of Suntec Reit at $1.64 on Thursday, the annualised yield was roughly 6.2 per cent.

Mr Yeo See Kiat, chief executive officer of the ARA Trust Management, which manages Suntec Reit, said that the three years of renovations have made Suntec City a more vibrant place.