Starhill Global Reit maintains rents under Ngee Ann City’s Toshin master lease

Starhill Global Reit is keeping the base rent unchanged for the Toshin master lease at Ngee Ann City for the next three years starting from June 8, 2019, under its latest rent review, the real estate investment trust’s (Reit) manager announced on Saturday in a bourse filing.

Toshin is the master tenant occupying all retail areas except level five of Ngee Ann City for the 12-year period from June 8, 2013, under the master lease by HSBC Institutional Trust Services (Singapore) as trustee of the Reit to Toshin.

Starhill Global Reit’s stake in Ngee Ann City comprises four strata lots representing 27.23 per cent of the total share value of strata lots in the property at Orchard Road.

The Toshin lease contributed to about a fifth (21.9 per cent) of Starhill Global Reit’s portfolio gross rent as at March 31.

The lease provides for a review of the rental rate every three years. The rent review mechanism only allows for upward adjustments in rents.

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