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The contraction was attributed to the enhancement works of the Starhill gallery in Malaysia.
Starhill Global REIT (SGREIT) saw its net profit income (NPI) slip 5.9% YoY in Q2, from $39.5m in Q2 2018 to $37.2m, the company announced. Gross revenue dropped 4.7% from $51m to $48.7m over the same period.
The declines were mainly attributed to lower contributions from Starhill Gallery in Malaysia related to its planned asset enhancement. In particular, the rental rebate extended to the master tenant during the refurbishment period prompted the contraction for the quarter.
Real estate related news stories from Singapore
- Singapore property investment sales likely to cross S$31b in 2020: Colliers
- CapitaLand, other S'pore-listed firms suspend businesses in China
- Chart of the Day: 2.2 million sqm of industrial space to be completed in 2020
- Elite Commercial REIT prices IPO at $1.21 apiece
- Ascott Residential Trust's profits up 6% to $252.6m in 2019
- Sales of newer HDB flats hit 9-year high in 2019
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- Employment growth for residents slowed slightly in 2019, unemployment edged up: MOM
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Previous news selection
Chart of the Day: 170 uncompleted strata-titled industrial units up for sale in Q4 2019
About Agent.sg Daily Property News Selection
Agent.sg's Daily Property News Selection brings you the most important property market news in and around Singapore. We list the best articles on real estate development, property investment and on the property listing market on a daily basis - whoever stays out, misses out.
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