Suntec REIT cuts losses at convention centre with closure extension

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Suntec REIT has decided to extend the temporary closure of its convention centre in a move that could bolster the REIT's net property income (NPI) in the coming quarters.

Suntec REIT announced on 30 April that it will now shutter Suntec Convention till 2 August 2020.

“The prevailing regulations do not permit any events up to end-May, and most events until August have also been postponed to later dates”, said Arun Madhok, CEO of Suntec Singapore.

“In these uncertain times, with a lack of clarity on when the situation would improve, it is vital that we implement proactive measures to control costs, protect jobs and prepare for the resumption of business in the near future”, he added.

Suntec Convention provides Suntec REIT with 275,000 square feet of net lettable area (NLA).

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