Kim Eng release the latest report on Suntec Reit. It believes that Suntec’s 2Q13 DPU is likely to be lackluster, dragged down by Suntec City Mall’s (SCM) ongoing renovation works. The upside that it see is that the average passing rents for SCM post-AEI may be secured at SGD13.50 psf/mth. It also think this is still conservative, given that passing rents at nearby Raffles City Mall are contracted at ~SGD18-19 psf/mth. We also believe that the South Beach development and the SGD95m Marina Square expansion (first phase of 50k sqft gourmet precinct and second phase of 200k retail wing) will further add vibrancy to the Marina area.
To read report on Suntec Reit, click here
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