OUE Commercial REIT’s NPI up 18% YoY in Q1
Its revenue also grew due to Hilton Singapore Orchard's contributions.
Driven by its commercial assets, OUE Commercial REIT revealed that its net property income grew to $56.6m, up 18% year-on-year (YoY) in the first quarter of 2023.
In a statement, OUE said its revenue for the quarter also went up 14.9% YoY to $68.4m which is mainly supported by contributions from Hilton Singapore Orchard and Singapore commercial properties.
Han Khim Siew, CEO of the OUE Commercial REIT Manager, said the company’s high-quality CBD Grade A office assets in Singapore “continued to record high occupancy and positive rental reversion which provides resilient returns.”
“The successful AEI completion and full opening of Hilton Singapore Orchard will be a growth engine for OUE C-REIT as Singapore's tourism sector and business travel continues on the recovery path,” he added.