Starhill Global Reit Q3 NPI flat at S$37.9 million

[SINGAPORE] The manager of Starhill Global real estate investment trust (Reit) posted a net property income (NPI) of S$37.9 million for the third quarter ended Mar 31, unchanged from the previous corresponding period.

The performance was supported by stronger contributions from Ngee Ann City in Singapore and Lot 10 in Kuala Lumpur, as well as the appreciation of the Australian dollar and Malaysian ringgit against the Singapore dollar, the manager said in a bourse filing on Wednesday (Apr 29).

This was largely offset by the loss of contribution from the divestment of Wisma Atria office strata units and lower contributions from the Myer Centre Adelaide Office and Wisma Atria Retail, as well as higher operating expenses for China Property, a retail asset in Chengdu in the Sichuan province.

Revenue for the period rose 0.7 per cent to S$47.9 million. Gearing at the end of Mar 31 stood at 35.5 per cent.

Committed occupancy across the portfolio was 96.4 per cent as at Mar 31, an improvement from 94.6 per cent as at Jun 30, 2025. The weighted average lease expiry stood at 7.3 years.

In Australia, refurbishment works are under way for the Myer Centre Adelaide’s food court to modernise the space and enhance its attractiveness relative to newer concepts nearby.

One phase of the A$6 million (S$5.3 million) project is expected to be completed by the end of 2026; its next phase covers the east seating zone and southern amenities, slated for completion in June 2026.

The Reit’s China Property is now fully occupied following the commencement of a lease with a replacement tenant in March. The new tenant, a Chengdu interior design and renovation company, has taken over the premises for fit-out works.

The manager noted that global economic uncertainty and geopolitical tensions continue to pose challenges, though resilient tourism and consumer spending in Singapore are expected to support demand for prime retail space. It added that it will maintain a prudent capital management strategy.

At home, facade enhancement works in Wisma Atria’s Level 2 and Level 3 units commenced in March. The S$2.2 million project is targeted for completion by mid-2026, subject to approvals by the authorities.

Units of Starhill Global Reit fell 0.9 per cent to close S$0.005 lower at S$0.55 on Wednesday.