Suntec REIT reported DPU of 3.155 cents for 1H25 (+3.7% y-o-y), which is slightly below our expectation. Higher withholding tax in Australia due to the temporary loss of managed investment trust (MIT) status had a negative impact of S$4m on bottom line.
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Office, retail, and convention segments in Singapore delivered robust results.
The office portfolio benefitted from high occupancy rates of 99.0% (Suntec City Office: 99.5%, One Raffles Quay: 97.2% and MBFC Tower 1 & 2: 99.0%) and positive rent reversions of 10.0% in 1H25.
Committed occupancy at Suntec City Mall improved 2.4ppt y-o-y to 98.0% in 2Q25. Suntec City Mall clocked positive rental reversion of 17.2% in 1H25, although retention rate remains underwhelming at 69%. Recovery was supported by tourism and MICE activities. The link bridge connecting Suntec City Mall to Guoco Midtown will be completed in 3Q25, bringing more office crowd to Suntec City during weekdays. Suntec
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Mixed performance across Australia portfolio.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
