CEO of the manager Han Khim Siew says the timely asset enhancements at Hilton Singapore Orchard and Crowne Plaza Changi Airport enabled the REIT to capitalise on the strong concerts and MICE pipelines in the first quarter of 2024.
OUE REIT (SGX:TS0U
) has reported a 6.9% y-o-y growth in net property income (NPI) to $60.5 million for its 1QFY2023 ended March 31 as the REIT benefited from Singapore’s busy event schedule.
For the quarter, revenue increased 9.5% y-o-y to $74.9 million as Hilton Singapore Orchard increased its contribution and the REIT’s commercial properties posted resilient operating performance.
