OUEREIT's net real estate income in the first quarter increased by 8.4% year-on-year | Lianhe Zaobao
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OUE Real Estate Investment Trust (OUE REIT) reported a year-on-year increase of 8.4% in net property income for the first quarter, reaching SGD 57.6 million, with revenue rising 6.7% year-on-year to SGD 70.5 million. The growth was mainly driven by strong performance in the hotel sector, with hotel revenue increasing by 15.1% year-on-year to SGD 26.8 million, and net property income growing by 16.8% to SGD 24.3 million. The increase in rental rates for office buildings and retail malls also contributed to revenue growth. The committed occupancy rate for office buildings remained at 95.2%
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