COMMERCIAL PROPERTY, RETAIL | Staff Reporter, Singapore

SPH REIT's NPI up 14.2% to $46.32m

The income boost came from its Rail Mall and Figtree Grove Shopping Centre properties.

Singapore Press Holdings real estate investment trust (SPH REIT) saw its net property income (NPI) edge up 14.2% YoY to $46.33m in Q3 from $40.56m in 2018, an announcement revealed. Gross revenue also jumped 12.7% YoY to $58.33m from $51.77m.

The boost in earnings during the quarter was attributed to higher contributions from The Rail Mall and Figtree Grove Shopping Centre, which were acquired in June and December 2018, respectively, the firm said in its financial statement.

Also read: SPH REIT's NPI up 8.5% to $45.86m in Q2

SPH REIT’s four retail properties in Singapore and Australia maintained high occupancy at 99% as at Q3 FY 2019. Paragon continued to record positive rental reversion of 8.6% for new and renewed leases for YTD FY 2019, which represented 21.4% of Paragon’s net lettable area (NLA).

Meanwhile, The Clementi Mall and The Rail Mall recorded positive rental reversion of 5.8% and 9.1%, respectively, for YTD FY 2019. The overall portfolio registered a positive rental reversion of 8.4%.

“In Singapore, supported by the increase in international visitor arrivals and improvement in consumer sentiments, tenant sales from Paragon and The Clementi Mall continued to register growth,” the firm said.

Distribution to unitholders rose 2.1% YoY to $35.95m in Q3 from $35.21m the same period in 2018, whilst distribution per unit (DPU) inched up 1.5% YoY to $0.0139 from $0.0137. 

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