OUE REIT has reported a 6.9% y-o-y growth in net property income (NPI) to $60.5 million for its 1QFY2023 ended March 31 as the REIT benefited from Singapore’s busy event schedule.
For the quarter, revenue increased 9.5% y-o-y to $74.9 million as Hilton Singapore Orchard increased its contribution and the REIT’s commercial properties posted resilient operating performance.
The REIT’s hospitality segment revenue for 1QFY2024 was 22.7% higher y-o-y at $26.9 million, while NPI was 15.9% higher y-o-y at $23.8 million. Revenue per available room (RevPAR) rose 23.3% y-o-y to $280.
In particular, Hilton Singapore Orchard significantly surged by 32.3% y-o-y to $308 for the quarter on the back of higher occupancy.
For 1QFY2024, the REIT’s office and retail commercial segment recorded a higher revenue of $48.0 million and NPI of $36.7 million, representing an increase of 3.3% and 1.7% y-o-y, respectively.
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We're excited to share that OUE REIT has been included in the @Syfe REIT+ portfolio.
The Syfe REIT+ portfolio tracks the performance of iEdge S-REIT Leaders Index. As OUE REIT was included into the iEdge S-REIT Leaders Index due to its improved liquidity, Syfe REIT+ portfolio had followed suit.
Great article, would you like to share it?