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Sunway REIT records net property income of RM129.3 million in 2QFY24 driven by surge in retail and hospitality segments

Sunway Real Estate Investment Trust (Sunway REIT) has reported a significant 11% increase in its net property income (NPI) for the second quarter ending on June 30, 2024 (2QFY24), reaching RM129.3 million compared to RM116.2 million in the same period last year. This growth was primarily driven by the outstanding performance of the retail and hospitality segments within the trust.

During the quarter under review, Sunway REIT also saw a 6% increase in revenue to RM175.6 million, up from RM166.5 million in the previous year. The retail segment, in particular, recorded robust growth with a 12% increase in revenue to RM123.7 million, compared to RM110.9 million in the same quarter last year.

According to a statement released to Bursa Malaysia, the NPI for the retail segment surged by 24% to RM86.2 million, up from RM69.5 million in 2QFY23, driven by new lease contributions from six newly acquired major hypermarkets starting from April 30, 2024.

The positive trajectory of the retail segment is expected to continue in the upcoming quarter, supported by the anticipation of asset enhancement initiatives (AEI) for the Oasis Sunway Pyramid Mall in 4QFY24 and sustained rental income from the six major hypermarkets, which fall under the triple net lease of the parent company.

Furthermore, the hospitality segment also saw a 10% increase in revenue to RM19.2 million in 2QFY24, up from RM17.5 million in 2QFY23, supported by an improved average occupancy rate of 62% in the first half of 2024 compared to 60% in the previous year.

The NPI for the hospitality segment rose by 12% to RM18.5 million in 2QFY24, from RM16.5 million in 2QFY23, driven by the return of foreign tourists nationwide, with Hotel Sunway Putra, Hotel Sunway Seberang Jaya, and foreign tourist arrivals at Sunway Hotel Georgetown reaching pre-pandemic levels.

Clement Chen, the Chief Executive Officer of Sunway REIT Management Sdn Bhd, attributed the outstanding performance to a strong growth momentum in the retail segment, fueled by both organic and non-organic growth initiatives. He mentioned that organic growth is supported by lease renewals from existing tenants and is expected to be further strengthened as ongoing AEIs are completed at Sunway Pyramid Mall and Sunway Carnival Mall.

Looking ahead, Sunway REIT will continue to actively identify and acquire properties that align with its investment criteria to generate attractive returns for its investors. Recently, the trust announced a proposed acquisition of Kluang Mall in Johor for RM158 million, which is expected to be completed by the end of 4QFY24, further enhancing its NPI for the current financial year.

In conclusion, Sunway REIT’s solid performance in the retail and hospitality sectors reflects its strategic initiatives and proactive approach to property investment. With a focus on sustainable growth and value creation, the trust remains committed to delivering long-term value for its stakeholders.

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