Suntec REIT's 1Q Result In Line; Rental Pressure Persists
Suntec REIT reported first-quarter results in line with expectations. First-quarter distributable income was 2.3% higher at SGD 0.0243 per unit, or SGD 0.09835 on an annualized basis. Contribution from its Sydney asset, which was completed late last year, provided a boost to revenue to SGD 88.4 million, versus SGD 78.3 million last year and steady against the fourth quarter, despite ongoing pressure in office rentals in Singapore. There is no change in our view that new office supply in Singapor...Suntec Real Estate Investment Trust is a Singapore-domiciled unit trust that invests in income producing real estate and real estate related assets, which are used for commercial purposes. Co. is managed by an external manager, ARA Trust Management (Suntec) Limited. Co.'s subsidiaries include Comina Investment Limited and Suntec Harmony Pte. Ltd.
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