SINGAPORE - Suntec Real Estate Investment Trust (Reit)'s first quarter earnings were bolstered by higher revenue and net property income from the completion of Suntec City Phase 3 and Suntec City Office.
Distributable income for the three months to March 31 rose 7.2 per cent year on year to S$60 million with distribution per unit gaining 6.3 per cent to 2.371 Singapore cents.
Gross revenue for the quarter grew 5.2 per cent to S$78.3 million, mainly due to the opening of the third phase of Suntec City mall after its renovations, higher office revenue from Suntec City Office and higher revenue from Suntec Singapore Convention and Exhibition Centre (Suntec Singapore).
This was offset by the divestment of Park Mall, which was completed in December.
Gross office revenue fell 1.4 per cent to S$33.2 million due to the divestment of Park Mall, while gross retail revenue rose 11.5 per cent to S$25.9 million and Suntec Singapore revenue added 9.5 per cent to S$19.2 million owing to higher convention revenue.
Total net property income rose 5.1 per cent to S$54 million.