Suntec Reit reports 2.6% drop to 2.289 cents in Q3 distribution per unit

Suntec Real Estate Investment Trust (Suntec Reit) has registered a 2.6 per cent drop to 2.289 cents in third quarter distribution per unit (DPU).

Income distributable to unitholders eased by 1.8 per cent to $51.8 million.

Mr Yeo See Kiat, chief executive officer of the trust manager noted the fall was marginal considering the closure of Suntec City mall under the second phase of refurbishment.

Net property income for the three months to Sept 30 rose by 4.7 per cent to $40.3 million while gross revenue was up 5.3 per cent to $65.9 million.

" With the opening of Suntec City mall (Phase 1) and Suntec Singapore, we utilised only $4.5 million from the sale proceeds of Chijmes for capital distribution and we are pleased to deliver a DPU of 2.289 cents for this quarter," said Mr Yeo.

On the retail portfolio, the committed occupancy for Suntec City mall (Phase 1) was 99.6 per cent while the committed occupancy for the rest of mall unaffected by the refurbishment works was 95 per cent.

Park Mall maintained full occupancy.

The overall committed occupancy for the retail portfolio stood at 98.3 per cent.

As for the office portfolio, Suntec City Office Towers continued to maintain a high committed occupancy of 99.7 per cent, while Park Mall Office maintained 100 per cent occupancy.

For the jointly controlled entities, One Raffles Quay achieved 100 per cent committed occupancy and Marina Bay Financial Centre Properties continued to enjoy 100 per cent occupancy.

Suntec Reit's overall committed occupancy for the office portfolio stood at 99.8 per cent.

"For Phase 2 of the remaking of Suntec City, we achieved a pre-committed

occupancy of 83.7 per cent to date," said Mr Yeo.

Some of the brands that have signed up include An Cee, Backjoy, Barang Barang, Crocs, Flash! By Mark Morffew, Lavina and Natural Living.

"Based on our leasing progress, our projected rental enhancement and return on investment of 10.1 per cent are on track."