LOSS of income from a recently divested property, absence of a one-time recovery of costs for another, plus lower revenue and net property income due to a challenging market, dampened results for industrial property owner Sabana Shari'ah Compliant Industrial Real Estate Investment Trust in its second quarter.
For the first half of its fiscal year, DPU slid to 1.37 Singapore cents from 1.70 Singapore cents, as income available for distribution fell 19.2 per cent to S$14.5 million. The Reit secured three new leases for a combined 33,055 sq ft in June - two of the leases were for New Tech Park and another was for 2 Toh Tuck Link - and renewed the master lease for 33 and 35 Penjuru Lane for another year.
Sabana Reit also said it will begin this month asset enhancement initiative works at New Tech Park at 151 Lorong Chuan to add food and beverage space and lifestyle amenities, including a gym and supermarket. Works are scheduled to complete in the second quarter of 2020.
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