Singapore-based Retail and Commercial REIT, Starhill Global REIT, has reported a rise of 11.9% in its distribution per unit (DPU) for the 4Q12. DPU for its quarter ended December 31 stood at 1.13 cents as distributable income rose 12.1% to S$24.9 million.
Revenue grew 3.1 per cent to S$47.4 million while net property income rose 2.9 per cent to S$37.5 million on the back of better performance following the completion of asset enhancement works in Wisma Atria.
|Starhill Global REIT's propery on Orchard Road, Wisma Atria, underwent asset enhancement works that completed in September 2012.
Reveue for the REIT's office portfolio has also risen by 6% for its 4Q12. Mr Ho Sing, Chief Executive of the trust manager has attributed this performance to a healthy demand for office space in Orchard Road where the Starhill Global REIT holds 2 of the most prominent landmarks on the street - Ngee Ann City and Wisma Atria. “Singapore contributes over 60 per cent of our portfolio and continues to do well. Wisma Atria retail mall has achieved strong rental reversion since the completion of the asset redevelopment in September", he said.
Starhill Global REIT first listed on the Singapore Exchange in September 2005 with an asset portfolio of only the 2 properties mentioned above. The REIT has since grown to include 13 properties in Singapore, Malaysia, China, Australia and Japan, valued at about S$2.7 billion today, to its portfolio.