Suntec Reit's Q4 distribution per unit up 6.7%

Distributable income at Suntec Reit for the fourth quarter rose 7.7 per cent year on year to S$69.5 million.

Distribution per unit rose 6.7 per cent to 2.75 cents.

For the year, distributable income rose 9.4 per cent to S$252 million while distribution per unit was 6.4 per cent higher to 10.002 cents.

For the three months to Dec 31, the Reit recorded a 13.9 per cent rise in gross revenue to S$87.5 million while net property income rose 17.9 per cent to S$62.5 million.

This was mainly due to the opening of Phase 3 of Suntec City mall and higher contribution from Suntec Singapore, said Reit's manager.

It noted that the Reit's overall committed occupancy for the office and retail portfolio improved to 99.3 per cent and 97.9 per cent respectively at Dec 31.

Mr Yeo See Kiat, chief executive officer of the manager, said: "In November, we acquired three floors of Suntec strata office space amounting to approximately 38,000 sq ft.

"We also completed the divestment of Park Mall in December and entered into a joint venture to redevelop the property into a new commercial development. The redevelopment will further unlock the underlying value of the property by enhancing the gross floor area of the site."

Suntec Reit units closed down one cent at S$1.51 on Jan 26.