Starhill Global REIT on Tuesday reported distribution per unit rose 11.9 per cent in the fourth quarter from the previous corresponding period, as its performance was boosted following the completion of asset enhancement work in Wisma Atria on Orchard Road.
Distribution per unit for the three months ended Dec 31 amounted to 1.13 cents as income available for distribution rose 12.1 per cent to S$24.9 million. Revenue grew 3.1 per cent to S$47.4 million while net property income rose 2.9 per cent to S$37.5 million, the trust said.
Mr Ho Sing, Chief Executive of the trust manager, said: “Singapore contributes over 60 per cent of our portfolio and continues to do well. Wisma Atria retail mall has achieved strong rental reversion since the completion of the asset redevelopment in September … Healthy demand for office space in Orchard Road has also lifted the revenue for our office portfolio by 6 per cent in 4Q 2012.”
Since its listing on the Singapore Exchange in September 2005, Starhill Global REIT has grown its initial portfolio from interests in two properties on Orchard Road to 13 properties in Singapore, Malaysia, China, Australia and Japan, valued at about S$2.7 billion.
Source : Today – 29 Jan 2013