Suntec – SGX

Suntec REIT Distribution Income For 3QFY07 Up 22.9% To S$30.0 million Year-on-Year

Distribution Per Unit Up 11.9% To 2.100 Cents

Singapore, 30 July 2007 – ARA Trust Management (Suntec) Limited (“ARA Suntec”),
Manager of Suntec Real Estate Investment Trust (“Suntec REIT”), is pleased to announce a distribution income of S$30.0 million for the period 1 April 2007 to 30 June 2007 (3QFY07), 22.9% higher than the S$24.4 million reported for the corresponding period in 2006 (3QFY06). The distribution per unit of 2.100 cents for 3QFY07 was 11.9% higher than in 3QFY06.

Commenting on Suntec REIT’s performance, Mr. Yeo See Kiat, Chief Executive Officer of
ARA Suntec, said, “I’m pleased to report that Suntec REIT has achieved a very good growth for the office portfolio in this quarter. In addition, Suntec City Mall has also reached a new high in its committed average passing rent, to S$10.23 p.s.f. per month as at 30 June 2007.”

Office portfolio continues to enjoy strong rental growth.
Suntec REIT’s office portfolio continued to strengthen significantly. Suntec office leases achieved strong renewal and replacement growth rates for the quarter, with leases secured at rates of between S$9.00 – S$10.50 p.s.f. per month. Park Mall office leases also achieved strong renewal and replacement growth in 3QFY07. The committed office occupancy at Suntec City and Park Mall increased to 99.4% and 98.5% respectively as at 30 June 2007.

Committed average passing rent at Suntec City Mall achieved post-IPO high.
The average retail passing rent at Suntec City Mall achieved a high of S$10.23 p.s.f. per month as at 30 June 2007, underpinned by strong renewals and new leases from the asset enhancement projects, namely MY.PLAYGround and the Fashion zone at Galleria. Average passing rents at Park Mall and Chijmes were S$6.49 p.s.f. per month and S$10.38 p.s.f. per month respectively as at 30 June 2007. Suntec REIT’s other income revenue from A&P, pushcarts and kiosks for the nine months ended FY07 grew 14.8% year-on-year compared to the same period in FY06.

Asset enhancement updates. Suntec City Mall’s new Fashion zone at Galleria achieved an average rent of S$24 p.s.f. per month compared with S$12.27 p.s.f. per month previously, with a committed occupancy of 73% to date. This is expected to strengthen further in the next quarter.
Summary of Suntec REIT Results for 3QFY07
For the period 1 April 2007 to 30 June 2007, Suntec REIT recorded gross revenue of S$46.7 million and distribution income of S$30.0 million, which was 6.3% and 22.9% higher than 3QFY06 respectively. The distribution per unit amounted to 2.100 cents, which was 11.9% higher than 3QFY06.

Source : SGX