Starhill Global Reit’s net property income up 2.3% at S$38.8 million in Q1 FY2027

Starhill Global Reit reported a 2.3% increase in net property income to S$38.8 million in the first quarter of 2027. Revenue also rose 1.2% to S$48.9 million from the previous period. The stronger performance was largely due to improved contributions from their Singapore retail and Australian properties. The Ngee Ann City property remained the primary revenue source, contributing S$17.2 million to net property income.

In Australia, the Myer Centre Adelaide showed growth, with revenue increasing from S$9.7 million to S$10.8 million. However, the decline in contribution from divested Wisma Atria office strata units and reduced income from the Wisma Atria retail property due to tenant transitional downtime partially offset this growth. The REIT currently boasts a committed portfolio occupancy rate of 97.4% and a gearing ratio of 36%, with a weighted average debt maturity of 3.3 years as of September 30.

Despite challenges such as weaker consumer confidence, inflation, and the impact of the Middle East conflict, demand for prime retail spaces is expected to persist due to tourism spending and increased office occupancy.