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The contraction was attributed to the enhancement works of the Starhill gallery in Malaysia.
Starhill Global REIT (SGREIT) saw its net profit income (NPI) slip 5.9% YoY in Q2, from $39.5m in Q2 2018 to $37.2m, the company announced. Gross revenue dropped 4.7% from $51m to $48.7m over the same period.
The declines were mainly attributed to lower contributions from Starhill Gallery in Malaysia related to its planned asset enhancement. In particular, the rental rebate extended to the master tenant during the refurbishment period prompted the contraction for the quarter.
Real estate related news stories from Singapore
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- Elite Commercial REIT prices IPO at $1.21 apiece
- Ascott Residential Trust's profits up 6% to $252.6m in 2019
- Sales of newer HDB flats hit 9-year high in 2019
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