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 2021 (“FY 2021”).

2021 was another challenging year as the coronavirus (“COVID-19”) pandemic continued to disrupt lives and businesses. However, Suntec REIT achieved a strong set of results for FY 2021 which was driven by new contributions from our London properties, the resilience of our office portfolio and the gradual recovery of our retail business.

In 2021, Suntec REIT divested its 30.0% interest in 9 Penang Road and a portfolio of strata units at Suntec City Office (“Divestments”). We have also expanded our footprint in the United Kingdom with the acquisition of The Minster Building in London. This active portfolio management strategy further strengthened the REIT’s income resilience and continue to enhance value for our unitholders.


Distributable income from operations in FY 2021 was S$247.2 million, S$38.0 million or 18.2% higher year-on-year. New contributions from our assets in United Kingdom, namely Nova Properties and The Minster Building, higher contributions from the Australian assets and higher retail income at Suntec City Mall contributed to the strong performance. This was partially offset by the loss of income from the Divestments and higher financing costs to fund the acquisitions of Nova Properties and The Minster Building.

Distribution per unit (“DPU”) of 8.666 cents for FY 2021 was 17.1% higher year-on-year due to the higher income from operations.


The Singapore office portfolio achieved 14 consecutive quarters of positive rent reversions. This underlying resilience of the Singapore office portfolio, together with our proactive asset management resulted in a committed occupancy of 97.5% as at 31 December 2021, which was well above the market occupancy of 93.3% for Core CBD offices.

Ms Chew Gek Khim
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