- Suntec REIT (SGX:T82U) reported 2H25 DPU of 3.88 cents (+23.2% y-o-y), which is above our expectation. 2H25 was boosted by:
- adjustment for withholding tax for Australia properties,
- - Read this at SGinvestors.io -
- lower interest expense.
Suntec City Mall: Resiliency from positioning downtown.
- Suntec City Mall maintained a high occupancy of 99.5% as of Dec 25, and achieved a robust +19.1% rental reversion in 4Q25. NPI from Suntec City Mall rose 2.1% y-o-y in 2H25. Tenant sales grew 5% y-o-y in 2H25, driven by leisure & entertainment, supermarkets and F&B.
- Suntec City Mall continues to refresh its trade mix by adding new-to-Suntec brands, such as Decathlon, Huawei, FujiFilm and Chagee. Being located downtown, Suntec City Mall is less susceptible to retail spending leakage from the upcoming Johor Bahru-Singapore Rapid Transit System. Management expects occupancy to remain high and rental reversion sustain at 10% in 2026.
Singapore office: Maintains high occupancy of 98.2%.
- - Read this at SGinvestors.io -
- Suntec REIT’s office portfolio is expected to maintain high occupancy with rental reversion at 5% in 2026. Management is proactive in lease management initiatives, such as early engagement and subdivision of larger spaces to attract a broader tenant base. Suntec City Office could face competition from the redeveloped Shaw Tower at Beach Road with NLA of 441,700sf, which is scheduled to complete in 2Q26.
Australia: Vacancies at 55 Currie Street in Adelaide and Southgate Complex in Melbourne.
- Read more at SGinvestors.io.
