--- title: "Starhill Global Reit Q3 NPI flat at S$37.9 million" type: "News" locale: "en" url: "https://longbridge.com/en/news/284581341.md" description: "Starhill Global Reit reported a net property income (NPI) of S$37.9 million for Q3, unchanged from the previous year. Revenue increased by 0.7% to S$47.9 million, with a gearing of 35.5%. Committed occupancy improved to 96.4%. The performance was bolstered by contributions from Ngee Ann City and Lot 10, despite losses from divestments and higher expenses in China. Refurbishment projects are ongoing in Australia, with completion expected by mid-2026. The manager remains cautious amid global economic uncertainties but anticipates strong demand for retail space in Singapore." datetime: "2026-04-29T13:15:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284581341.md) - [en](https://longbridge.com/en/news/284581341.md) - [zh-HK](https://longbridge.com/zh-HK/news/284581341.md) generator: "portal-rs" --- # Starhill Global Reit Q3 NPI flat at S$37.9 million \[SINGAPORE\] The manager of Starhill Global real estate investment trust (Reit) posted a net property income (NPI) of S$37.9 million for the third quarter ended Mar 31, unchanged from the previous corresponding period. The performance was supported by stronger contributions from Ngee Ann City in Singapore and Lot 10 in Kuala Lumpur, as well as the appreciation of the Australian dollar and Malaysian ringgit against the Singapore dollar, the manager said in a bourse filing on Wednesday (Apr 29). This was largely offset by the loss of contribution from the divestment of Wisma Atria office strata units and lower contributions from the Myer Centre Adelaide Office and Wisma Atria Retail, as well as higher operating expenses for China Property, a retail asset in Chengdu in the Sichuan province. Revenue for the period rose 0.7 per cent to S$47.9 million. Gearing at the end of Mar 31 stood at 35.5 per cent. Committed occupancy across the portfolio was 96.4 per cent as at Mar 31, an improvement from 94.6 per cent as at Jun 30, 2025. The weighted average lease expiry stood at 7.3 years. In Australia, refurbishment works are under way for the Myer Centre Adelaide’s food court to modernise the space and enhance its attractiveness relative to newer concepts nearby. ### Navigate Asia in a new global order Get the insights delivered to your inbox. One phase of the A$6 million (S$5.3 million) project is expected to be completed by the end of 2026; its next phase covers the east seating zone and southern amenities, slated for completion in June 2026. The Reit’s China Property is now fully occupied following the commencement of a lease with a replacement tenant in March. The new tenant, a Chengdu interior design and renovation company, has taken over the premises for fit-out works. The manager noted that global economic uncertainty and geopolitical tensions continue to pose challenges, though resilient tourism and consumer spending in Singapore are expected to support demand for prime retail space. It added that it will maintain a prudent capital management strategy. SEE ALSO ### Starhill Global Reit CEO and executive director Ho Sing to step down in August ### Starhill Global Reit H1 DPU flat at S$0.018 ### Starhill Global Reit wins arbitration proceedings over Adelaide mall lease At home, facade enhancement works in Wisma Atria’s Level 2 and Level 3 units commenced in March. The S$2.2 million project is targeted for completion by mid-2026, subject to approvals by the authorities. Units of Starhill Global Reit fell 0.9 per cent to close S$0.005 lower at S$0.55 on Wednesday. Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free. ### Related Stocks - [P40U.SG](https://longbridge.com/en/quote/P40U.SG.md) ## Related News & Research - [Keppel DC REIT seeks SGX-ST trading halt lift for AJBU units](https://longbridge.com/en/news/297705061.md) - [Generational Group Advises RMH Solutions in its Sale to a Private Investor Group](https://longbridge.com/en/news/298064443.md) - [Keppel doubles down on Tokyo with $1.5b data centre buy](https://longbridge.com/en/news/297594855.md) - [Keppel DC REIT buys two hyperscale colocation data centers in Greater Tokyo’s Inzai City](https://longbridge.com/en/news/297574822.md) - [Hunting for yield? S-Reits may offer more than banks, say DBS analysts](https://longbridge.com/en/news/297742726.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**