OUE Commercial REIT's net property income jumps 4.2% to $34.6m

Thanks to strong performances from its three properties.

OUE Commercial REIT reported higher yields for the past quarter, thanks to the robust performance of its three properties: OUE Bayfront, One Raffles Place, and Lippo Plaza.

For 1Q17, its revenue jumped 4.4% to $44.8m whilst its net property income increased 4.2% to $34.6m.

The amount available for distribution of $16.6m in 1Q17 was lower compared to the same period last year, mainly due to an adjustment for the amount set aside for the transfer of China-sourced profits from Lippo Plaza to statutory reserve.

“Against a backdrop of subdued macroeconomic and office market conditions, we are pleased to announce a commendable set of results," OUE Commercial REIT manager CEO Tan Shu Lino said.

She noted that the trust achieved this with the steady revenue and net property income growth was driven by higher occupancy at OUE Bayfront and One Raffles Place, as well as continued rental growth at Lippo Plaza.