232 views
Photo from OUE C-REIT's webpage

OUE Commercial REIT’s net property income down by 21.5% in Q1

This is due to the OUE Bayfront’s performance.

The net property income of OUE Commercial Reit (OUE C-REIT) declined by 21.5% to 48$m in the first quarter (Q1) of 2022 from $61m in the same period last year.

This was mainly caused by OUE Bayfront’s performance following the divestment of 50% interest in the property on 31 March 2021, the firm said.

Further, the net property income decrease was partially mitigated by the lower rental rebates and lower property expenses. This includes the drawdown of income support at OUE Downtown Office, share of joint venture results of OUE Bayfront, and lower interest expense.

Its revenue also went down by 20.3% from $74m in Q1 2021 to $59.5m in the same quarter this year.

OUE C-REIT Manager’s CEO Han Khim Siew noted the rebranding of OUE C-REIT’s landmark assets into Hilton Singapore Orchard during the quarter to support the hospitality industry’s recovery. 

Post quarter, Han said they issued $100m 4.20% fixed rate notes that will mature in 2027, with a coupon step-down of 25 basis points upon re-rating to investment grade.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

How to free manufacturing firms from the pitfalls of greenwashing
An EnterpriseSG official said standardisation and green courses will enhance businesses’ sustainability goals.
Manufacturing
Agility matters most to Singaporean CEOs
In SG, 93% believe agility makes leaders of today successful; globally, only 88% think so.