Suntec REIT

Suntec REIT: At the ongoing dbAccess Asia 2014 conference, management noted that Phase 2 of the Suntec City AEI was delayed slightly on account of additional health and safety requirements, and that shops are expected to start opening in Jun this year. Blended rents for Phase 1 and Phase 2 are $12.59psf. Looking ahead, management expects TOP phase 3 by the end of this year with 2 anchor tenants. The company noted that additional funds are expected to be paid out from its Chijmes divestment proceeds in Q2 and Q3 owing to the shutdown of two phases over the quarters. DB maintains its Hold rating with TP of $1.68