- 3Q25 Suntec REIT's dividends of 1.778 Singapore cents rose 12.5% y-o-y, beating our expectations and forming 28% of our FY25e forecast (9M25: 78%). This outperformance was driven by lower finance costs (-44bps y-o-y), stronger operating performance from the Singapore portfolio, and a S$2mil reversal of withholding tax provisions for the Australia portfolio. Excluding the tax reversal, 3Q25 DPU was still 8% higher y-o-y.
- - Read this at SGinvestors.io -
The Positives
Strong performance in Singapore.
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- Expiring rents at ORQ and MBFC remain below market, while Suntec City office rents are closer to market levels, indicating continued upside for office renewals. Going forward into FY26e, we expect high-single-digit positive rent reversions for both the Singapore office and retail segments.
Financing costs have declined.
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