Starhill Global REIT reports fiscal 3Q net property income rose 9 percent

StarHill Global REIT sign at Ngee Ann City mall in SingaporeStarHill Global REIT sign at Ngee Ann City mall in Singapore

Starhill Global REIT reported Thursday its fiscal third quarter net property income rose 8.7 percent on-year to S$38.5 million, mainly on the cessation of rental rebates after the completion of asset enhancement works at The Starhill property in Kuala Lumpur in December.

The REIT said it also provided less rental assistance to tenants in the quarter.

Gross revenue for the January-to-March quarter came in at S$48.4 million, up 4.2 percent on-year, the REIT said in a filing to SGX. Retail properties contributed around 86 percent of revenue, while office contributed the remainder, the filing said.

The Wisma Atria Retail property’s contributions were lower in the quarter, and the Australian dollar depreciated against the Singapore dollar, the REIT said.

The retail portfolio’s occupancy was at 97.4 percent at end-March, the REIT said.

Within Singapore, retail occupancy rates were at 98.9 percent, based on commenced leases, the REIT said.

In its outlook, the REIT noted overall prime rents for the Singapore’s Orchard Road shopping belt fell 2 percent on-year in the January-to-March quarter, but business expectations have improved as the city-state has relaxed Covid-related restrictions.

Starhill Global REIT’s portfolio has 10 mid-to-high-end mainly retail properties in six cities, with Singapore, Australia and Malaysia the core markets.