Bond Market News

Singapore’s Suntec REIT posted a 26% rise in distribution per unit (DPU) to S$ 0.415 ($0.3) in H1 with its distributable income rising to S$118.2mn ($87mn), a 14.6% YoY increase and net property income growing 24% to S$113mn ($83mn). The REIT said that the strong performance was helped by its office portfolios in Singapore, Australia and the UK, underpinned by contributions from newly acquired assets and completed developments. CEO Chong Kee Hiong said, “On the retail front, while we saw steady recovery of mall traffic and tenant sales in Suntec City over January to April…our efforts in strengthening the mall with strong brands and concepts have helped to cushion the impact on retail revenue with tenant sales being less affected than footfall.” Suntec expects its Singapore portfolio to be stable with occupancy in the mid-90s range.