- 2H25/FY25 Suntec REIT's dividends of 3.88/7.035 Singapore cents rose 23%/13.6% y-o-y, beating our expectations and forming 57%/104% of our FY25e forecast. The outperformance was driven by a 12.8% y-o-y decline in FY25 finance costs and stronger operational performance across the Singapore portfolio, more than offsetting weaker contributions from the Australian properties and The Minster Building in the UK.
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The Positives
Strong performance anchored by Singapore portfolio.
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- Suntec City Mall recorded the highest rental reversion of +16.2%, supported by 1% y-o-y growth in tenant sales and a stable occupancy cost of ~23%.
- Suntec City Office achieved an occupancy rate of 99.8% with a +6.7% positive rental reversion, while One Raffles Quay and MBFC Towers 1 & 2 recorded occupancies of 97.1% and 95.4%, respectively. These assets delivered a strong rental reversion of +12.8%, supported by limited new supply and tight market vacancies.
Sharp decline in financing costs.
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