OUE REIT Q1 NETT PROPERTY INCOME JUMP TO $60.5 million
@SPOT_ON：
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 h