T82U.SI
SGX50SESSuntec Real Estate Investment Trust
Real Estate · REIT - Diversified · Singapore
Suntec Real Estate Investment Trust holds properties in Suntec City. It is Singapore's largest integrated commercial development (including one of Singapore largest shopping malls), a 66.3% interest in the Suntec Singapore Convention & Exhibition Centre, a one third interest in One Raffles Quay, and a one third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall; Suntec REIT also holds a 100% interest in a commercial building located at 177 Pacific Highway, Sydney, a 100% interest in a commercial building located at 21 Harris Street, Pyrmont, Sydney, a 50.0% interest in the Southgate Complex, Melbourne, a 50.0% interest in a commercial building in Olderfleet 477 Collins Street, Melbourne, and a 100% interest in a commercial building located at 55 Currie Street, Adelaide, Australia, and further holds a 50.0% interest in Nova Properties and a 100% interest in The Minster Building, both located in London, United Kingdom; Suntec REIT is managed by an external manager, ESR Trust Management (Suntec) Limited (formerly known as ARA Trust Management (Suntec) Limited). Suntec Real Estate Investment Trust was incorporated on November 1st, 2004 in Singapore.
www.suntecreit.com ↗Shares trade at a premium 29.2× trailing earnings, easing to 20.9× on forward estimates. Profitability shows a net margin of 29.7% and return on equity of 2.8%. Leverage is high at 10.2× net debt/EBITDA. Revenue grew 16.5% year-on-year. It yields 5.5% in dividends. The mean analyst target of SGD1.56 sits 6.7% above the current price (no rating, 15 analysts).
business model
Suntec REIT is a Singapore commercial REIT whose flagship asset is the Suntec City integrated development, comprising a large retail mall, office towers and a convention centre (Suntec Singapore Convention & Exhibition Centre). It also holds interests in prime Singapore offices (including stakes in One Raffles Quay and Marina Bay Financial Centre properties) and overseas offices in Australia and the UK. Managed by an external manager (ARA Trust Management, part of ESR Group), it distributes taxable income to unitholders as a Singapore REIT, funded by retail, office and convention income.
revenue segments
Revenue comes from office rental, retail rental at Suntec City mall, and the convention and exhibition business, plus income from its stakes in other Singapore office buildings and from offices in Australia (Sydney, Melbourne, Adelaide) and London. Office and retail rents dominate, with convention income more variable.
key dependencies
Performance depends on Singapore office and retail occupancy and reversions, MICE/convention activity, and the significant currency and market exposure of its Australian and UK offices. Interest rates are especially important given the trust's relatively high gearing, affecting financing costs, valuations and distributions. It lacks a large developer sponsor pipeline, relying more on its own portfolio and capital management.
competitors
It competes with CapitaLand Integrated Commercial Trust, Keppel REIT and Mapletree Pan Asia Commercial Trust in Singapore commercial property, and with office landlords in Australia and the UK, as well as other malls for retail tenants.
moat
Its moat centres on the scale and central location of Suntec City and its integrated retail-office-convention offering, plus stakes in prime CBD office assets. The convention centre and large mall give it a distinctive, hard-to-replicate downtown footprint.
risks
Higher gearing than many peers makes it particularly sensitive to interest rates, raising financing costs and pressuring distributions and valuations. Office headwinds from hybrid work, UK and Australian market weakness, currency exposure, and reliance on capital top-ups to support distributions are key risks, compounded by the absence of a strong developer sponsor pipeline.
Financials & metrics
as of 04 Jul 2026Tap any metric for an explanation.● provider● computedN/A not available from source
Dividends
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.