Starhill Global REIT posts higher results

Share  |    |   Comment  |   E-mail to friend  |   Bookmark & Share   

Boosted by higher contribution from Starhill Gallery and Lot 10 in Kuala Lumpur, Singapore-based Starhill Global REIT (SGREIT) has recorded a 10.1 percent jump in net property income to S$180.1 million in the financial year 2011, with full-year revenue also surging 8.7 percent to S$180.1 million.

“We are pleased to report a good set of results for FY 2011. Healthy consumer confidence and increased tourist arrivals in both Singapore and Malaysia have enabled SGREIT’s assets to achieve high occupancies and sustained returns for FY 2011,” said Tan Sri Dato’ (Dr) Francis Yeoh, Executive Chairman of YTL Starhill Global, the manager of the trust.

SGREIT’s Singapore portfolio, which comprises interests in Wisma Atria and Ngee Ann City on Orchard Road, contributed 58.9 percent of total revenue (approximately S$27.1 million) in the fourth quarter. However, the net property income for the Singapore portfolio declined 0.9 percent to S$21.1 million in Q4, mainly attributed to negative rental reversions of new and renewed office leases, as well as rental disruption from the asset redevelopment at Wisma Atria.

Meanwhile, take-up rate for office space in the trust’s properties remains strong, as occupancy levels for Ngee Ann City and Wisma Atria offices climbed 94.9 percent and 95.8 percent respectively as of 31 December 2011.

Looking forward, Yeoh said the trust will continue to “create value with our active management strategies and source for yield accretive acquisitions of prime assets to enhance growth in SGREIT’s core markets.”

Related Stories:

DP appointed master planner for Qatar project

PLife Reit's distributable income up 3.2%

FairPrice to open 7 new stores


 

Share  |    |   Comment  |   E-mail to friend  |   Bookmark & Share