Chairman's Message

Dear Unitholders,

On behalf of the Board of ARA Trust Management (Suntec) Limited (“Board”), it is my pleasure to present to you the annual report of Suntec REIT for the financial year ended 31 December 2023 (“FY 2023”).

Although COVID-19 is behind us, multiple interest rate hikes globally, high inflation and geo-political tensions have impacted economies and businesses worldwide. Suntec REIT’s portfolio of quality assets in strategic and diversified locations did provide resilience and helped cushion the adverse impact brought about by these geo-political and macro-economic factors.


Suntec REIT’s strong fundamentals enabled the portfolio to deliver a steady performance despite strong headwinds. Gross revenue increased 8.3% to $462.7 million and net property income declined marginally by 0.8% to $313.2 million. Income contributions from joint ventures declined 20.9% to $94.0 million mainly due to lower contributions from MBFC Properties, as an existing shareholder loan was replaced with a bank loan, and properties incurred higher interest costs.

Suntec REIT’s total distributable income for FY 2023 was $206.8 million, 19.1% lower year-on-year as a result of higher financing costs and the weaker Australian dollar. Distribution per unit (“DPU”) was 7.135 cents, 19.7% lower year-on-year.


Our Singapore office portfolio continued to deliver robust results, achieving 22 consecutive quarters of positive rent reversion, with the past 5 quarters recording strong, double-digit figures. The quality of our assets is evident in the near full committed occupancy of 99.7%, which is above the market occupancy of 94.8% for Core CBD offices. Suntec City Office, One Raffles Quay and Marina Bay Financial Centre Office Towers achieved committed occupancy of 100%, 99.4% and 99.2% respectively as at 31 December 2023.

Ms Chew Gek Khim
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