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Rent will remain unchanged for the next three years.
Starhill Global REIT has decided to keep its base rent for the Toshin master lease at Ngee Ann City unchanged for the next three years beginning 8 June 2019.
Toshin is the master tenant occupying all of Ngee Ann City’s retail areas except level five for the 12-year period starting 8 June 2013, under the master lease by HSBC Institutional Trust Services (Singapore) as the REIT’s trustee to Toshin.
“The Toshin master lease provides for a review of the rental rate every three years during the term of the Toshin master lease, and the existing provisions of the Toshin master lease regarding rent review shall continue to apply,” said Starhill Global REIT in an SGX filing.
Starhill Global REIT’s interest in Ngee Ann City comprises four strata lots, which represents 27.23 percent of the total share value of strata lots within Ngee Ann City at Orchard Road.
As of 31 March, the Toshin lease contributed to about 21.9 percent of Starhill Global REIT’s portfolio gross rent.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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