OUE REIT’s NPI rises 1.6% in H1 2024

The increase was due to a stable commercial property market and higher revenue from the hospitality sector.

OUE REIT recorded a revenue of $146.7m in H1 2024, up 5.7% year-on-year (YoY) from $138/8m in H1 2023.

Net property income (NPI) for the period increased 1.6% to $117.1m from $115.2m a year ago.

The increase was due to the stability of Singapore's commercial properties and higher contributions from the hospitality sector.

As of June 2024, OUE REIT’s Singapore office portfolio occupancy is 95.2% whilst average passing rent rose to S$10.57 per sq ft (psf) per month. Positive rental reversion for office lease renewals remained strong at 11.7% in 2Q 2024.

Meanwhile, revenue and NPI for the hospitality sector rose by 12.9% and 5.9% YoY to $51.7m and $45.5m respectively.