Suntec REIT's 3Q Softer as Sydney Office Property Offsets Weaker Rentals In Singapore
Suntec Real Estate Investment Trust reported a third quarter in line with expectations and the result does not alter our view and no-moat rating on the trust. Maiden revenue contribution from the recently completed office property in Sydney helped offset weaker operations in Singapore. Excluding revenue contribution from the Sydney property and normalizing the contribution from the now-divested Park Mall, we estimate revenue fell 3% against the last quarter to SGD 76 million while net property i...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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