Suntec REIT is a Singapore-listed office and retail REIT. It currently owns/co-owns four properties in Singapore (Suntec City, One Raffles Quay, Marina Bay Financial Centre, 9 Penang Road), two properties in Melbourne (Southgate Complex, 477 Collins Street) and one property in Sydney (177 Pacific Highway). As at 31 December 2017, its property portfolio was valued at $9.4 billion.
Suntec REIT is currently on our watchlist, and I attended the annual general meeting to evaluate its past year’s performance and its plans for the year ahead.
Here are seven things I learned from the 2018 Suntec REIT AGM:
1. Gross revenue grew 7% year-on-year to $354.2 million and net property income (NPI) grew 8.9% to 244.5 million. NPI growth was mainly due to higher contributions from 177 Pacific Highway and Suntec City. Suntec City remains the REIT’s largest NPI contributor at 63%.
Source: Suntec REIT 2017 annual …