Sunway-REIT posts positive showing

PETALING JAYA: Sunway Real Estate Investment Trust (Sunway-REIT) posted a net property income (NPI) of RM144.3mil, an increase of 5.5% year-on-year for the quarter ended Sept 30 (3Q24), although turnover was up 9.3% to RM192.1mil.

Cumulatively for the nine-month period (9M24), however, NPI climbed 3.3% y-o-y to RM404.2 mil, as revenue also increased 4% to RM546.3mil.

The investment manager attributed the 9M24 results primarily to robust performance from retail and hotel segments, along with resilient performance from the other segments.

Accordingly, Sunway-REIT said the retail segment’s positive trajectory is expected to continue in the coming quarters, supported by the opening of Oasis wing at Sunway Pyramid Mall.