Starhill Global Reit net property income rises 2.3% to S$38.8 million
Higher contributions from Singapore retail assets and Australian properties supported the result, while tenant transitions weighed on Wisma Atria retail income.
Starhill Global Reit earned S$38.8 million in net property income in the first quarter of 2027, up 2.3 per cent, according to its manager’s bourse filing on Oct 29. Quarterly revenue grew 1.2 per cent, reaching S$48.9 million against S$48.3 million a year earlier.
The improvement primarily reflected increased contributions from Australian properties and Singapore retail assets. Ngee Ann City accounted for the largest share of both measures, with S$17.2 million in revenue and S$14.1 million in net property income.
Revenue from the Australian properties, which include Myer Centre Adelaide, reached S$10.8 million, compared with S$9.7 million previously. Some gains were offset by the absence of contributions from sold Wisma Atria office strata units and downtime between tenants at Wisma Atria’s retail property.
As at Sep 30, the portfolio’s committed occupancy was 97.4 per cent. Gearing stood at 36 per cent, and debt had a weighted average maturity of 3.3 years.
Despite softer consumer confidence and inflationary pressure, the manager said spending by tourists and visits by office workers would continue to underpin demand for prime retail space.
Starhill Global Reit units ended trading on Oct 29 at S$0.495, unchanged.
