Partial closure of Suntec properties sparks fall in distributable income

Suntec Real Estate Investment Trust (Reit) has posted distributable income of $50.9 million for the second quarter ended June 30, a drop of 4 per cent compared to the same period last year.

For the six months to June 30, its distributable income fell 6.2 per cent over a year ago to $101.1 million.

This was mainly due to the partial closure of Suntec City Mall and Suntec Singapore, which are undergoing a makeover, the Reit said on Friday.

It will pay a distribution per unit (DPU) of 2.249 cents for the second quarter.

Given the substantial property closures, part of the distributable income for the second quarter was taken from of the sale proceeds of Chijmes, said Suntec Reit chief executive Yeo See Kiat.

Of the $50.9 million distributable income, $7.8 million came from the Chijmes sale, he said.

"Despite the major closure of the mall, we are pleased to deliver a DPU of 2.249 cents for this quarter," Mr Yeo added.