Keppel REIT’s net property income up 13.3% in Q1

Thanks to better property performance in the CBD.

Keppel REIT Management Limited has reported a net property income (NPI) of $54.6m in the first quarter of 2025, up 13.3% from the previous year.

In a statement, the company said the share of results of associates also increased 11.0% to $24.3m.

Keppel REIT said the increases are due to better performance of the Singapore properties in the central business district, increased occupancy at 2 Blue Street, and contribution from 255 George Street.

Chua Hsien Yang, CEO of the Manager, said, Keppel REIT’s portfolio of prime commercial assets logged an occupancy of 96.0% and a rental reversion of 10.6%.

“We have completed the asset enhancement initiatives at Building D of Pinnacle Office Park, as well as the fitted suites at 255 George Street. We are also pleased to have achieved the BCA Green Mark Platinum Super Low Energy certification for Ocean Financial Centre,” Chua added.

Keppel REIT said it has committed approximately 586,400 square feet of leases in Q1 with demand driven by technology, media and telecommunications (47.7%) and banking, insurance and financial services (33.3%) sectors.

The company has a $9.5b portfolio featuring prime commercial properties. The majority are located in Singapore, and the rest are across Australia, South Korea, and Japan.

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