News

Markets & Investing

Staff Reporter

, Singapore

Published:

2 years ago

Logo from OUE C-REIT

Singapore properties boost OUE Commercial REIT’s NPI by 6.9% YoY

These properties include Hilton Singapore Orchard.

The net property income of OUE Commercial REIT rose 6.9% YoY to $60.5m in 1Q24, driven by enhanced contributions from Hilton Singapore Orchard and the robust performance of Singapore's commercial properties.

The REIT’s Singapore office properties reported a committed occupancy of 95.1% and secured a positive rental version of 12.6% in 1Q24.

Mandarin Gallery also recorded a high occupancy of 96.6% and a rental reversion of 22%.

Hilton Singapore Orchard led the REIT’s hospitality segment, posting a 32.2% YoY surge in its revenue per available room (RevPAR) to $308 on the back of higher occupancy.

The improvements in the REIT’s business segments also pushed its revenue up by 6.9% YoY to $74.9m.

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