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,
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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%.
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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.
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/.
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