Starhill Global REIT’s Q2 distribution per unit up 6.7% on-year

Singapore-listed Starhill Global Reit, which owns stakes in Wisma Atria and Ngee Ann City, said Wednesday its distribution per unit for the second quarter rose 6.7 per cent year-on-year to 1.9 Singapore cents.

Net property income for the three months to June climbed 16.4 per cent to S$27 million, mainly due to higher rates achieved for office renewals and new leases in Singapore, as well as higher revenue from its Chengdu property in China.

The property trust said occupancy for retail space in both Wisma Atria and Ngee Ann City remained high at around 98 per cent in the quarter.

Occupancy for office space in the two properties meanwhile were above 90 per cent.

Starhill said it will continue to concentrate on tenant retention and sustaining the appeal of its retail properties in terms of trade mix and offerings.

It added that managing financing cost remain a key objective.

Source : Channel NewsAsia – 29 Jul 2009

Join The Discussion

Compare listings